Weekly Energy Market Review – 1st – 5th November
Power
Power prices followed their gas counterparts, starting the week with a series of strong losses before rebounding from Tuesday onward. Concerns regarding gas supply and colder temperatures are the main factors behind this.
Week Starting Price (Year-Ahead): £120.55/MWh
Week Ending Price (Year-Ahead): £113.37/MWh
Gas
Gas prices ended last week on a bearish note and opened on Monday with significant losses. However, markets have crept upwards as the week has progressed as Russian flows into Europe remain at zero, causing some concern.
Week Starting Price (Year-Ahead): 114.44ppt
Week Ending Price (Year-Ahead): 112.04ppt
Commodities
Oil markets have fallen to a four-week low as US inventories continue to build, with production on the Gulf coast back to full capacity. Traders now await news from today’s OPEC+ meeting which could give hints in regard to where the market is heading.
Brent Crude Week Starting Price: $84.50/b
Brent Crude Week Ending Price: $83.17/b