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Energy Wholesale Market Review


Energy Wholesale Market Review Week Ending 13th October 2017

Brent crude oil, EU ETS carbon and API 2 coal all experienced gains last week, whilst it was a mixed week for power and gas contracts. Most near-term baseload power contracts experienced gains last week. The day-ahead contract was an exception, falling 7.1% to £46.0/MW. This was despite higher demand and outages to French nuclear reactors across the week. Most near-term gas contracts increased last week. In contrast, the day-ahead gas contract slipped 6.4% to 43.9p/th, with strong withdrawals from storage and cuts to exports to Belgium leaving the system oversupplied across most of the week. Brent crude oil prices experienced an uptick of 0.3% to average $56.3/bl. Concerns of cuts to oil exports from the Iraqi Kirkuk region due to potential unrest between Kurdish and Iraqi forces raise prices upwards at the end of the week. EU ETS carbon prices followed their commodities counterparts upwards, 1.9% last week to average €7.1/t. Bullish prices were likely owing to rising coal demand across Europe due to French nuclear outages, along with the conclusion of carbon price reforms for trading phase four. API 2 coal prices rose 1.3% to average $80.4/t, amid the news of French nuclear outages at 20 sites throughout the country. Low Chinese stockpiles led to robust demand from the nation, strengthening prices.

Energy Wholesale Market Review Week Ending 13th October 2017

Written By Graham Paul

Graham Paul

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