Prices rise over the week
NBP Natural Gas & GB Power Market Movement
Weather remained the largest driving force for prices during the week. A combination of higher consumption, not just in the UK, but wider Europe, resulted in a reduction in Interconnector flows from Belgium to the UK particularly on Thursday. There were unplanned outages at Bacton Seal and Teesside which affected gas output from the UK continental gas shelf (UKCS) and LNG reduced considerably hitting as low as 2mcm at the tail end of the week.
Brent crude prices weakened at the start of the week before recovering on a weaker U.S. dollar. Prices rises in the Oil market were mostly muted on the back of rising US production, closing incrementally higher week on week.
The annual April 17 electricity and gas contracts concluded the week 0.52% and 0.89 % higher respectively. Although the markets closed generally higher, the extent of these rises were less severe than the previous week.
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