Weekly Price Update Report - Week 22, 2018
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Energy Market ReportsWeekly Price Update Report - Week 22, 2018

Weekly Price Update Report - Week 22, 2018

Chris Hurcombe

by Chris Hurcombe 29 May 2018

Report Summary:

Bank holiday market jitters

week-on-week-changes

NBP Natural Gas & GB Power Market Movement

Prices fell last week thanks to lower consumption, an easing oil and coal price and stable UKCS supply.  Norwegian gas flows however did remain hampered by outages.  The oil and coal price eased 2.64% and 1.60% respectively following news that Saudi Arabia and Russia may increase oil supplies while the US rig count showed no signs of slowing.  In addition, utilities in China were ordered by the government there to stop stockpiling thermal coal and miners were told to slash prices. 

The (bearish) outlook for a further softening of demand for the week ahead along with the return of the Vesterled pipeline also translated into weaker prices, particularly towards the end of the working week. Total UK gas stocks rose over 11% enabling a much-needed replenishment of diminishing inventories. All longer-dated contracts fell week-on-week, -1.03% and -1.70% for the October 18 annual electricity and gas index respectively.

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