Energy Market Report – 16th May 2018
May 16, 2018
- UK Electricity and gas prices slipped this morning, amid bearish sentiment from the wider commodity complex.
- The Bank of England reported a few signs of market revival at the start of the second quarter.
UK Electricity Prices:
UK electricity prices edged down this morning, taking direction from a bearish sentiment of wider commodity complex. The Electricity Month ahead contract is trading at £53.39/MWh, down 0.26 £/MWh from yesterdays close. Seasonal contracts also slipped from yesterday’s close. Win-18 is down by 0.27%, whereas Sum-19 and Win-19 is 0.53% and 0.63% respectively.
UK Natural Gas Prices:
UK gas prices softened this morning, despite the gas demand system being undersupplied. This sentiment was taken from crude oil direction. Crude oil and coal was trading lower this morning. Brent Crude dipped to 77.95/bbl, after the API (American Petroleum Institute) reported increase of stock of 4.85 million barrels in WTI Crude Oil inventories
The Bank of England reported a few signs of market revival at the start of the second quarter. The previous report indicated that consumer facing industries, the retail sector in particular, may face financial difficulties.