Weekly Price Update Report - Week 34, 2018
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Energy Market ReportsWeekly Price Update Report - Week 34, 2018

Weekly Price Update Report - Week 34, 2018

Ian Mckenna

by Ian Mckenna 20 August 2018

Report Summary:

More highs than lows last week


NBP Natural Gas & GB Power Market Movement

Prices rose overall during the week. Monday's gains were a consequence of industrial action at three North Sea gas fields owned by Total which limited gas supplies.  Brent crude oil attained $73s during the day but settled back, closing at a slightly lower price (-$0.20) compared to the previous session.  Reduced Norwegian gas flows to the UK and a rising carbon price were the main bullish factors for higher prices on Tuesday.  The oil price remained in $72 range.  Prices fell during the day on Wednesday thanks to an expected rise in wind power output.

The oil price hit a price-point not seen since early April 2018 with data showing a week-on-week rise in US stocks; the easing coal price also dragged on prices.  Markets went on to regain on Thursday: unplanned outages in Norway contributing.  Demand from the household sector was +3.10% higher overall; total gas stocks further replenished +13.60%; the oil price concluded the week -1.35% lower when compared to the previous Friday.

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