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Writer's pictureTom McGlynn

17/04/2023 - Weekly Wholesale Market Update

Updated: May 2, 2023




Oil & Markets


Oil prices were up marginally (0.3%) on Friday, settling at €86.31/bbl, having showed gains for the fourth week in a row. The International Energy Agency (IEA) warned that supply cuts from OPEC+ could make the oil supply deficit worse and be detrimental to consumers. They said global demand will hit a record high this year due to the recovery in Chinese consumption. The S&P 500 closed on Friday at $4137, trading flat at just 0.2% down from Thursday. The Federal Reserve is expected to raise interest rates again in May by 0.25%, despite a decline in retail sales in the US showing a slowing economy due to raised interest rates.



Gas & Power


On Friday, the majority of contracts continued to post marginal losses along the curve. UK NBP front month fell to 98.46 p/therm, 1.4% lower than the previous session and UK power front month fell by 1.7% to £101.60/MWh. G7 nations made commitments on Sunday to fast forward electricity generated by renewable energies in order to phase out fossil fuels, along with reducing gas consumption. The group pledged to collectively increase wind generation by 150 GW and solar capacity by more than 1TW by 2030. EU gas prices continued to fall along the curve with the prospect of warmer temperatures signalling potential for gas storage injection.






How the market has opened each day:

DAY AHEAD PRICES

Gas (pence per therm)

Electric (£ per MWh)

11/04/2023

99.90

91.00

12/04/2023

101.48

114.50

13/04/2023

100.75

114.50

14/04/2023

99.50

104.50

17/04/2023

100.50

102.0


7 day averages


Gas (pence per therm) 100.43

Electric (£ per MWh) 105.30





 


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