Weekly Price Update Report - Week 19, 2018
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Energy Market ReportsWeekly Price Update Report - Week 19, 2018

Weekly Price Update Report - Week 19, 2018

Ian Mckenna

by Ian Mckenna 08 May 2018

Report Summary:

The warm weather impact


NBP Natural Gas & GB Power Market Movement

On Monday, prices rose as cooler weather lifted demand.  Imports from Norway were lower with Norwegian gas being redirected to the continent.  Prices fell on Tuesday despite expected higher consumption for the next working day (or Day Ahead).  Coal edged higher and LNG send out from South Hook remained low even with several cargo arrivals in April. The bearish drivers of the day, however, were the improved outlook for milder weather and strong Langeled gas flows. Oil trended down 2.71% on a rise in US production and pending API data expected to reveal high(er) US crude stocks.

Markets fell on Wednesday thanks to warmer weather and returning supply following shutdowns of gas producing facilities. Price falls continued Thursday with cuts to domestic consumption forecasts offsetting the impact of reduced supply.  By Friday’s close, the winter-18 electricity and gas contracts closed higher week-on-week, +0.84% and +1.13% respectively. The Coal price ended the week unchanged and the front month Oil price concluded +0.31% higher, settling at $74.87 per barrel having hit a 2018 high point during the week of $76.17.

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