Weekly Price Update Report - Week 34
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Energy Market ReportsWeekly Price Update Report - Week 34

Weekly Price Update Report - Week 34

Nathaniel Taylor

by Nathaniel Taylor 21 August 2017

Report Summary:

Nuclear safety checks cause price spikes


NBP Natural Gas & GB Power Market Movement

Markets trended down on Monday thanks to a higher offtake of Norwegian gas supplies and lower exports through the interconnector or IUK.  Prices continued to fall on Tuesday despite a new field maintenance being reported by the Norwegian gas system operator, Gassco.  The effect of this was somewhat mitigated with the ongoing outage at Sleipner expected to come to an end. The gas network was oversupplied system and CCGT forecasts pointed lower on expected and oncoming higher wind speeds.

All contracts rose on Wednesday on continued and reduced Norwegian gas imports to the UK.  On Thursday, most prices fell with wind power once again expected to rise.  National consumption was also expected to ease and the oil price fell further, attaining just over $50 per barrel. The Pound gained on retail sales data released for the month of July which showed a rise albeit not as big as expected. By Friday, power prices closed higher overall with the October-17 annual contract settling +1.34%.  However the corresponding gas contract closed lower -0.19% when compared to the previous Friday (11th August). 

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