April ’18 Annual breaks above £48 Stable start to 2018
The front two UK Power annuals reached fresh multi-year highs in the second week of January – with April ’18 Annual pushing above £48/MWh and October ’18 Annual reaching £46.5/MWh for the first time since they started being discussed almost two-and-a-half years ago ─ on the back of rallying oil and gas prices. Levels have however since retraced amid a general price retreat across gas and power markets.
Groningen quake and oil lift annuals
An earthquake above the Groningen gas field in the Netherlands – Europe’s biggest field – on January 8th, led Dutch oil and gas company NAM to call (for the first time) for the government there to significantly reduce gas production from the site, by 10%. This, alongside oil prices reaching a three-year high, pushed up forward gas prices over the second week of January. Short-term prices also rose slightly, in choppy trading, as temperatures dropped and boosted demand.
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