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"Your Weekly Energy Market Report 10/03/2020"
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 that the UK System is short thus far this week as demand sits just below seasonal norms and storage send out remains low. Wind generation is strong again today making up around 24% of generation stack but electricity supply is heavily reliant on gas powered generation at 45%.
Temperature forecasts adjusted back to seasonal norms on Monday, with just a spot of warmer weather expected today, although rain is still present. The rest of the week is set to follow with seasonal norms expected.
Significant movements in Oil prices this morning have seen the commodity plunge 31% in its worst loss since 1991 amid price war concerns. Global markets have been impacted by the threat of a price war between oil exporting group OPEC and its main ally Russia.
On the back of continued global fears surrounding the Coronavirus outbreak and now significant drops in oil, investors have been selling stocks in a global markets amid the uncertainty. The Coronavirus has had a significant impact globally, with Italy being on lockdown and major sporting events being cancelled.