Weekly Price Update Report - Week 4, 2018
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Energy Market ReportsWeekly Price Update Report - Week 4, 2018

Weekly Price Update Report - Week 4, 2018

Nathaniel Taylor

by Nathaniel Taylor 23 January 2018

Report Summary:

A week of winter blues


NBP Natural Gas & GB Power Market Movement

UK energy prices eased on Monday.  Whilst consumption was boosted by higher gas demand-for-power generation, milder weather forecasts for the UK and the Continent weighed on prices.  UK and Norwegian gas production were strong, and the LNG outlook appeared more stable with the possibility of 1 or 2 shipments en route to the UK.

Oil remained in $69s but did trend down in parts with a rising North American rig count beating off some of the bullishness in this commodity. Strong price falls continued Tuesday with oversupply and weakness in oil and coal markets driving, along with a strong(er) preforming GB Pound versus the competing Euro.  The 45-day weather forecast for the UK and continent was another bearish driver.  Continued oversupply, weakness in the oil market and strength in the GB Pound resulted in further price falls mid-week.

On Thursday, the cold snap lingered, Norwegian gas were lower due to an unplanned outage and UK gas production was also reduced due to another unplanned outage at Bacton.  However, continued high imports from the Continent offset the market risks along with healthy gas storage stocks.  By Friday, the April-18 annual electricity and gas products closed lower by 1.95% and 4.00% respectively.

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