Energy Market Risk Analysis| Early December 2016

Market shrugs off OPEC oil cut

After an eventful fortnight newswise ─ the UK–France electricity interconnector being damaged during a storm, OPEC agreeing to curb output for the first time in eight years, reopening dates confirmed for the UK’s main gas storage site and a sell-off taking hold on the French power market ─ Annual UK power prices have emerged stable to marginally firmer while prices for the remainder of this winter have weakened.

Rough restart news curbs rebound

Most UK gas periods have firmed over the last fortnight, with short-term market gains being particularly strong ─ in the face of a cold snap and Norwegian supply niggles. But there have been only limited gains in prices further forward, with news that Rough, the UK’s largest storage site, is to resume withdrawals from December 9th, helping to temper any upside, particularly across the remaining months of this winter.

Energy price shift between 16 November 2016 and 04 December 2016

Elec: +0.24%

Gas: +2.14%

Coal: -3.58%

Oil: +15.09%

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