Weekly Price Update Report - Week 36
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Energy Market ReportsWeekly Price Update Report - Week 36

Weekly Price Update Report - Week 36

Nathaniel Taylor

by Nathaniel Taylor 06 September 2017

Report Summary:

Prices surge for winter 17 power


NBP Natural Gas & GB Power Market Movement

Markets rose on Tuesday on higher domestic demand and Norwegian maintenance being extended.  Further bullishness spilled into Wednesday thanks to an undersupplied gas network but rises were capped following an announcement from Total that it had started production, earlier than scheduled, at two new gas fields.  Although production is unlikely to ramp up until the back end of this year, the earlier than scheduled start of production does help towards containing some of the winter supply risk (often associated with the higher winter periods of December and January).

The markets opened lower on Thursday but another unplanned outage impacted UK supplies that day.   There were sharp rises in the oil price, particularly at the end of the week with a reduction in the US oil rig count. Limiting gains in this commodity was the restart of some US operations after Hurricane Harvey.  Further restarts are also expected in week commencing 4th September or week 37.  Overall by Friday, annual energy products fell week-on-week with the October-17 annual electricity and gas contracts closing lower by 0.11% and 0.27% respectively.

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