Cooler weather lifted prices early in the week
NBP Natural Gas & GB Power Market Movement
Much cooler weather lifted prices early in the week.
Mid-week an announcement from Centrica that the UK's largest gas storage site, Rough, will become available for withdrawals from around the 9th December and an improved weather outlook for much of December brought the rising sentiment to a halt. Markets were mixed on Thursday with strong gains in the Oil market filtering through to longer term contracts on the back of OPEC members agreeing to a deal to cut production.
A strong GB Pound compared to the Euro did help to ease the impact of the rising Oil price however. On the last working day, Friday, considerable price reductions were seen across the board. An improved weather outlook returned to the forefront of UK energy markets along with an expected reduction in household consumption in w/c 5th December. Coal also settled the day lower by $1.15 per tonne compared to the previous working day.
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