Weekly Price Update Report - Week 28, 2018
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Energy Market ReportsWeekly Price Update Report - Week 28, 2018

Weekly Price Update Report - Week 28, 2018

Chris Hurcombe

by Chris Hurcombe 09 July 2018

Report Summary:

Markets show signs of resistance levels


NBP Natural Gas & GB Power Market Movement

On Monday, prices rose on higher gas-for-power demand and strong exports of UK gas to Belgium.  Limiting gains that day was the oil which eased back in the very low $78 mark.  Market rises continued into Tuesday on low wind power output though Brent crude oil continued to descend in price mode. 

Excess supply compared to national demand resulted in price losses on Wednesday.  Markets opened lower on Thursday, with oversupply being the main bearish driver along with reduced gas exports through the Interconnector.  Prices were mixed in direction on Friday: low wind output raised demand for gas from power plants. Stronger coal prices were another bullish factor for European gas during the week overall with low water levels in the Rhine hindering the restocking of coal at power plants. The UK gas system was slightly oversupplied however.  Oil closed the week at $77.11, a -2.93% reduction compared to the same time the previous week. The electricity and gas October-18 annual price indices closed +0.94% and +1.60% respectively.

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