Weekly Price Update Report - Week 46
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Energy Market ReportsWeekly Price Update Report - Week 46

Weekly Price Update Report - Week 46

Ian Mckenna

by Ian Mckenna 15 November 2017

Report Summary:

Respite to the current bull-run


NBP Natural Gas & GB Power Market Movement

Prices rose in the former part of the week with demand remaining above the seasonal average and several nuclear reactor outages were extended in both the UK and France potentially increasing demand for power in the country. The UK is a key power exporter to France in times of high demand. Reduced LNG also boosted price rises despite there being days when the UK gas network was oversupplied. Peak wind generation fell back on Wednesday adding to the bullish sentiment. 

The oil price rose in parallel but receded mid-week owing to OPEC seeing oil production rising in the medium term and sentiment that demand for oil could plateau in decades to come if the sales of electric cars spread fast and globally.  Over the course of the week, concerns lingered regarding the stability of long-term nuclear power supply but the bullish sentiment from this was offset in some contracts as the Langeled pipeline operated at maximum capacity. 

Prices eased back on Friday, following a week of volatility, the main bearish driver being oversupply with importing gas flows remaining stable and exports of UK gas to continental Europe easing. Expectations that cold spell should be short-lived with temperatures expected to revert to the seasonal norm for the working week ahead contributed also to improved wholesale prices on Friday. 

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