Weekly Price Update Report - Week 49
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Energy Market ReportsWeekly Price Update Report - Week 49

Weekly Price Update Report - Week 49

Nathaniel Taylor

by Nathaniel Taylor 04 December 2017

Report Summary:

Oversupply was a bearish driver


NBP Natural Gas & GB Power Market Movement

Milder temperature forecasts for week commencing 04th December looked set to consequently ease consumption and reduce strain on the energy network and this was the main driver for price falls during the week. Supply was healthy with imports through the interconnector falling show the UK's capability of withstanding the kind of cold snap both felt and experienced during the week. 

Mid-week the oil price fell on uncertainty over extended OPEC-led production cuts and a surprise rise in US stockpiles.  Doubts also lingered over Russia's willingness to extend cuts with news that the healthy world economy should support demand for oil.  Oversupply was the main bearish driver on Thursday despite the continued cold weather: the UK was in receipt of strong imports of gas from the continent. The continued milder weather outlook also encouraged Medium Range gas storage sites to withdraw adding to the oversupply. The April -18 annual electricity and gas contracts ended the week lower when compared to the previous Friday (24/11) by 1.48% and 2.03% respectively..

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