Weekly Price Update Report – Week 38 2019
UK energy prices ended the week considerably higher. The oil price rose in the first part of the week on market expectations of further OPEC cuts but did ease back in the latter part of the week settling overall in $60s. Further bullish drivers behind the rises were an announcement from EDF that it was investigating an issue with its nuclear reactors, an earlier than expected closure of the Groningen plant (Netherlands), significant falls in wind power and reduced available capacity at the Opal pipeline (Germany). By close of play on Friday (13/09) the October-2019 annual contracts for electricity/gas closed higher +6.64%/+9.51% respectively.