Wholesale Energy Prices Update 11/1/2019
Contrasting fortunes for energy contractsThere was a mixed week for contracts. There were falls for the front year but price rises for further out. The absence of wintry weather forecasted, and healthy gas storage levels, meant that additional risk premium was removed from the short term prices. Further out, there were slight increases on curve prices, due to rising oil and carbon. Prices for the rest of the winter dropped, however, due to the milder weather. Keep an eye out on this week's Brexit vote as it is bound to have some impact on the market, especially with the likely currency movements. There will, of course, still be weather-related factors to take into account. If there was to be a turn in the weather, prices could well rise, so those looking to minimise risk should avoid waiting on the forecasts, or indeed any significant Brexit developments. However, those with more of an appetite for risk could benefit from holding out to see if a satisfactory deal is reached.
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