Market prices continued northbound
NBP Natural Gas & GB Power Market Movement
Reporting for the week covers Wednesday 28th December to Friday 30th December.
A myriad of bullish factors drove markets higher on Wednesday with higher demand, a constrained gas network, reduced nuclear power in France and rising Oil all contributing to prices settling the day higher and across the curve. The biggest gain was seen in the Q1-17 contracts. Thursday's market continued northbound.
Although IUK imports were strong on that trading day, considerably higher demand on the back of much cooler weather cancelled out the benefit of improved gas import flows. The Oil market closed flat despite the release of higher crude stockpile data with a weakened US dollar dampening the (bearish) effect.
Expected higher demand for the week ahead and expectations of considerably reduced LNG-send out meant that prices closed the week higher when comparing week-on-week. Oil settled at $56.82 on the last working day of the year; the highest recorded price point of 2016. The stronger GB Pound helped however to cap gains on longer dated products. Coal and Carbon concluded the week higher also by 2.29% and 5.14% respectively.
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