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"Your Weekly Energy Market Report"
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When looking at your energy bills, it is interesting to see how many different factors influence the total cost of your delivered energy. Topical subjects like coronavirus a seamingly unrelated global issue can have a significant effect on the rise and fall of market prices.
The UK has been on high alert in the past week with Storm Dennis approaching and increases in peak wind generation helped to cut demand from gas-fired means of generation in balancing the UK’s demand/supply quandary on Friday, ensuring a healthily supplied National Grid.
Temperature forecasts in the UK are set to increase meaning that the UK’s gas demand for heating purposes has come to halt. High winds persisted over the course of the weekend and are expected to last throughout the week.
Brent Crude Oil prices traded steadily on Friday, balancing predictions of impending OPEC-led supply cuts against concerns that the Coronavirus would continue to impact on Chinese and global demand for the commodity, with first quarter oil demand already confirmed to have fallen significantly year-on-year, according to the IEA.
Elsewhere, EUA Carbon prices continued to trade above the 24.30 mark added some bullish support across curve. The British Pound continued to trade above significant psychological levels against both the Euro and US Dollar, above €1.20 and $1.30 respectively.