Weekly Price Update Report - Week 44
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Energy Market ReportsWeekly Price Update Report - Week 44

Weekly Price Update Report - Week 44

Nathaniel Taylor

by Nathaniel Taylor 31 October 2017

Report Summary:

Oil price step change


NBP Natural Gas & GB Power Market Movement

Prices adjusted down on Monday on lower demand and a rise in LNG send out. LNG send out from the South Hook rose to 14 mcm, an attempt to free up storage space for a tanker unloading at the terminal. Norwegian gas flows were also higher despite there being some expectations for a reduction. 

Prices opened the day lower on Tuesday despite the gas network being undersupplied on various outages. However, these outages were reported to end within 24 hours. Contracts further along however rose in line with movements in the oil price and a weaker performing GB Pound.  Mid-week prices rose, boosted by a reduction in Norwegian gas and there still being ongoing problems at Bacton Seal.  Both the coal and oil markets trended up alongside too.  Markets were mixed on Thursday with the outlook for reduced demand and stronger wind power inputs pressurizing nearer term contracts.  However some contracts further along adjusted up, responding to the oil price which rose following comments from Saudi Arabia that endeavours to end the supply glut would prevail. By Friday, the April 18 annual electricity and gas products rose 0.62% and 1.00% respectively. 

The oil price ended the week higher overall by 4.66%, a gain of $2.69 per barrel when compared to the previous Friday. 

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