Weekly Price Update Report - Week 29, 2018
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Energy Market ReportsWeekly Price Update Report - Week 29, 2018

Weekly Price Update Report - Week 29, 2018

Ian Mckenna

by Ian Mckenna 16 July 2018

Report Summary:

Oil slump filters through the markets


NBP Natural Gas & GB Power Market Movement

On Monday, prices rose as low wind power and slightly lower-than-expected nuclear power lifted gas demand from the power sector.  Lower Norwegian gas flows and a continued reduction in wind power drove prices higher on Tuesday. The oil price gained nearly $0.80 per barrel. 

Prices fell on Wednesday: the UK gas network was oversupplied; demand remained low; exports along the Interconnector were more stable.  The oil price concluded the day nearly 7% down as trade tensions between the US and China dragged on commodities. News that the US may consider waiving sanctions against Iran was another bearish driver for the oil market as was a resumption of Libyan oil exports.

Thursday's markets saw prices down further with UKCS gas continuing to firm (causing oversupply).  The Oil price recomposed slightly, settling at $74s after the previous day’s sell off. The electricity and gas October-18 annual price indices closed the week overall +0.16% and -0.95% respectively.

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