Weekly Price Update Report - Week 17, 2018
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Energy Market ReportsWeekly Price Update Report - Week 17, 2018

Weekly Price Update Report - Week 17, 2018

Chris Hurcombe

by Chris Hurcombe 27 April 2018

Report Summary:

Healthy supply and warm weather help


NBP Natural Gas & GB Power Market Movement

Despite an outage on the Norwegian gas shelf, at the Kollsnes gas processing plant, the outlook for warmer weather weighed on prices on Monday. 

Brent Crude also fell as concerns over heightened tensions following weekend air strikes in Syria started to dissipate.  UK energy prices continued to fall on Tuesday as continued forecasts for warmer weather reduced the outlook for national energy usage: temperatures were expected to hit highs of over 20 degrees Celsius later in the week.

The UK gas system slightly was oversupplied with demand 22 percent below the seasonal norm, another signal for lower prices that market day. Markets gained on Wednesday, boosted by a weaker performing GB Pound and a rising Brent Crude price, following a reported reduction in US Crude stocks and reports that top oil exporter, Saudi Arabia, would be happy to see Brent Crude prices rise to $80 or even $100 per barrel.  By Friday, the October-18 annual electricity & gas products closed higher week-on-week, +0.45% and +1.78% respectively.

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