Oil & Markets
Oil prices saw marginal gains on Friday, up 0.7% to close at $81.66/bbl. The oil markets are currently looking for direction, as OPEC production cuts and positive economic growth data coming out of China provide upwards support, with fears around the resilience of the global economy provided downwards pressure. It was confirmed late on Friday that the US has added oil rigs for the first time in four weeks, which will lead to an increase in production. All major equity indexes saw increases at the end of last week, with the FTSE 100 ending up for the fifth consecutive week and not far off the record highs we saw in February. Défense stocks were the biggest performers.
Gas & Power
Day ahead gas prices increased by 2.6% during Friday’s trading session due to colder weather increasing demand. The cooler weather is expected to remain until the final days of April. In contrast, day-ahead power prices were down 2.3% as wind generation remained at good levels. Front month and seasonal contracts had a very quiet day and closed relatively flat to their previous settlement as no new drivers entered the market. Injections into European gas storage facilities have increased over the last couple of days, with levels at around 58% full. LNG arrivals to the UK and Europe remain strong, however risks remain around Asian LNG demand later in the year
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
17/04/2023 | 98.50 | 102.00 |
18/04/2023 | 101.00 | 95.00 |
19/04/2023 | 96.00 | 102.25 |
20/04/2023 | 96.00 | 101.25 |
21/04/2023 | 96.75 | 102.50 |
24/04/2023 | 98.00 | 105.00 |
7 day averages
Gas (pence per therm) 97.71
Electric (£ per MWh) 101.33
When will you look at your next renewals? Get your free quote today.
Get in touch to see what is available for your next renewals. 0151 459 3388
Comments