Energy Market Risk Analysis | early March 2013

Short-term surges on gas spike

Prices on the short-term UK power and gas markets surged at the start of March, as a storm-related power cut at a major Norwegian gas field slashed gas imports. This price spike came just a week after another sharp rally in prices which had already seen values leap to a 12-month-high.
The first run-up was caused by a further drop in temperatures.

 

 

Within-day hits 7-year high

Gas prices for immediate (within-day) delivery have just rocketed to their highest level since March 2006, as a power failure at Norway’s Nyhamna gas terminal, which processes gas from the giant Ormen Lange field, curtailed output there by 53 mcm/day, reducing gas imports into an already supply-constrained UK market. Unplanned outages at several UK fields, including Alwyn North, also contributed to the supply squeeze.

 

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Energy price shift between 18 February 2013 and 06 March 2013

Elec: +0.97%

Gas: +1.87%

Coal: -2.34%

Oil: -6.24%
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