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"Your Weekly Energy Market Report 25/02/2020"
NEW YOUR WEEKLY ENERGY MARKET REPORT Welcome back to those who have been following our weekly report and welcome to all new visitors. To follow us and to read the detailed weekly report on energy intelligence click here
In this week’s market report we can see there has been a continuation of the effect of current global issues and the impact they are having on the market. There was a change in the weather with much milder weather forecasts leading to a lower gas demand than normal.
However, there has been higher wind generation levels recorded through Storm Ciara and Storm Dennis resulting in less pressure on the UK’s gas system to meet heating and gas demands. The expectation of a further 14 LNG cargoes reaching the UK by 15th March ensured a bearish picture for short-term contracts, filtering through to front seasonal prices.
An increase in the number of Coronavirus cases in South Korea and China led to a further fall in the prices of Brent Crude early on in Friday’s session. Commodity prices have seen a substantial hit over the past couple of weeks with oil prices seeing a 4% slide on demand concerns as the virus continues to spread.
Brent Crude prices had lifted to just below $60/bl after the US reported a smaller than anticipated stock build but these gains were quickly wiped out as the virus continues to spread with cases increasing around the world.