Energy market update 8/7/16
After a quiet Monday, trading concentrated on fundamentals as traders realised that Brexit had little impact on current global supply and demand although currency fluctuations did influence prices. Fears of a Norwegian oil worker’s strike and asset issues gave upward pressure although the strike was called off late in the week. Further falls in US oil storage levels, ever decreasing production from Venezuela and the Pounds level also added to sentiment. Brent closed the week up 4% at $50.35 a barrel.
UK pricesIn the UK, gas prices were influenced by the possible Norwegian strike and oils gradual rise. The UK’s main gas storage facility (Rough) is out of action until August and even when it returns will have a lower capacity adding bearish sentiment to the winter. Electricity generally tracked oil and gas with wind generation volumes also lower. Short dated contracts showed small movements but all longer dated contracts gained around 1.5% on the week.
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