Bull-run intensifies – then breaks
While the recent bullishness intensified in the first fortnight of November, with Annuals rallying by as much as 4%, prices have buckled over the last few days as the factors that drove the market higher – colder weather, further French nuclear concerns and a surging oil market – all unwound a little.
In the run-up April ’18 Annual broke above £47.5/MWh, for the first time since it started being discussed in July 2015 (although still remaining below the front Annual prices seen in January). October ’18 Annual also reached a long-term high, above £46/MWh, before slipping back
Stronger Front Annual hits 29-month high
The front UK gas Annual – April ’18 Annual, the key end-user benchmark – reached its highest level since June 2015 this week, pushed above 49 p/th by an upsurge in global energy prices following Saudi Arabia’s anti-corruption purge and increasing tensions with Iran over Yemen, as well as a run-up in short-term gas values ─ on the back of colder weather. However, prices have since eased back, on warmer forecasts, a retracement in oil prices and reduced French nuclear power jitters.
Energy price shift between 02 November 2017 and 19 November 2017 | |||
![]() Elec: +1.83% |
![]() Gas: +3.36% |
![]() Coal: -5.03% |
![]() Oil: +1.82% |
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