Weekly Price Update Report - Week 6, 2018
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Energy Market ReportsWeekly Price Update Report - Week 6, 2018

Weekly Price Update Report - Week 6, 2018

Chris Hurcombe

by Chris Hurcombe 05 February 2018

Report Summary:

Markets open up higher

week-on-week-changes

NBP Natural Gas & GB Power Market Movement

Markets opened the week higher on Monday morning with consumption expected to rise and a period of cold weather forecasted on the horizon.  However excess supply and gas storage injection opportunities limited some of the upside risk and markets progressively moved down during the day and closed lower. 

Markets rose on Tuesday on cooler weather after an unseasonably mild spell.  Once again, however, price gains seen earlier in the session were eroded in areas, boosted by continued strong imports of gas to the UK and the oil price trading lower thanks to an API report showing improved week-on-week stock data. Prices gained across the board mid-week driven by a much cooler weather outlook for the week commencing 5th February. With the expectation of the spot price and the two front months, prices fell on Thursday annulling some of the gains recorded on Wednesday.  By Friday the April 18 annual electricity and gas contracts settled lower by 0.97% and 1.34% respectively, recording price points and levels not seen since October 2017.

The front month Brent crude price closed the week lower by 2.75% or the equivalent of $1.94 per barrel settling at $68.58 per barrel, recouping gains from the previous working week.

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