Weekly Price Update Report - Week 5, 2018
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Energy Market ReportsWeekly Price Update Report - Week 5, 2018

Weekly Price Update Report - Week 5, 2018

Ian Mckenna

by Ian Mckenna 29 January 2018

Report Summary:

Milder weather warms prices


NBP Natural Gas & GB Power Market Movement

Despite continued reduced UK gas output due to unplanned outages at Bacton and North Morecambe; lower consumption, a ramp up in Norwegian gas flows, higher gas imports from mainland Europe and healthy total gas stocks resulted in prices falls on Monday. The oil price gained but the GB Pound continued to outperform the Euro. 

Market movements were mixed in parts on Tuesday as colder weather forecasts lifted some contracts, while other contracts fell on oversupply and dampening weather-related demand.  Commercial and residential consumption fell +9%. Although interconnector gas flows fell and imports from the Netherlands dipped via BBL, import gas flows overall were still flowing at a strong rate. The oil price rose due to falling Venezuelan output. Prices declined again mid-week: forecasts of milder weather outweighed the risks of expected lower wind power and a rising oil price.

Price losses continued into Thursday, once again milder weather being the main bearish driver, shaking off bullish signals from the wider fuel complex such as oil.  By Friday, the April-18 annual electricity and gas products closed lower by 2.03% and 2.97% respectively.   The Coal and Oil price settled higher week-on-week, 2.33% and 2.78% respectively.

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