Weekly Price Update Report - Week 40
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Energy Market ReportsWeekly Price Update Report - Week 40

Weekly Price Update Report - Week 40

Jamie Flanagan

by Jamie Flanagan 02 October 2017

Report Summary:

Strong price gains


NBP Natural Gas & GB Power Market Movement

Prices gained strongly at the start of week on higher-than-expected national consumption and a rising oil price.  Monday's gains were reversed on Tuesday despite higher exports of UK gas to the continent and lower Norwegian gas flows.   By Wednesday, there remained significant Norwegian outages which affected the gas markets. However, the coal price fell and the gas network was fairly balanced on forecasts for warm weather and expected strong wind power.

News that Gazprom sees scope to increase gas exports to Europe aided.  The front month Brent Crude oil contract closed down -0.92% to $57.90, and the Pound gained against the Euro.  Factors that contributed to higher prices on Thursday were higher gas demand but an LNG tanker confirmed its destination at the UK’s Isle of Grain terminal and this bolstered the supply outlooks for October 17 and beyond.

Oil was bullish as Iraqi Kurdistan voted overwhelmingly in favour of independence, prompting the Turkish president to say he could use force to prevent the rise of an independent Kurdish state. Overall by Friday, annual energy products gained week-on-week with the October-17 annual electricity and gas contracts closing higher by 0.75% and 0.49% respectively.  Please note that the October-17 annual energy products have now expired and will not show in next week's report.

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