Weekly Price Update Report - Week 41, 2018
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Energy Market ReportsWeekly Price Update Report - Week 41, 2018

Weekly Price Update Report - Week 41, 2018

Ian Mckenna

by Ian Mckenna 09 October 2018

Report Summary:

Market resistance or rest bite

week-on-week-changes

NBP Natural Gas & GB Power Market Movement

The week started with price rises, a result of the UK gas network being undersupplied and a bullish Oil market following announcements from Russia & Saudi Arabia that they will not raise production.  Prices pulled back on Tuesday thanks to improved power supply from renewable sources and an easing Carbon market. However, the oil price continued an upward trend. Mid-week, prices fell further on healthy supply levels thanks to higher Norwegian gas imports. 

On Thursday, the markets continued to soften, with warmer weather suppressing demand, leaving ample supply.  By close of play Friday, the October annual electricity and gas contracts closed lower by 3.89% and 3.90% respectively, erasing the bulk of the gains seen in the previous week.  The winter-18 product has now expired. Therefore, prices for electricity and gas will start from April 2019 in our next weekly update (Week 41). 

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