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"Your Weekly Energy Market Report 13/05/2020"
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
Demand levels heading into the bank holiday weekend sat much lower than seasonal norms largely due to warmer weather, reducing heating demand. In addition, the bright conditions boost solar generation but this additional supply was offset by low wind generation.
The wider commodity mix have witnessed steady gains in recent weeks as countries eased business and social lockdowns and fuel demand has picked up modestly. Indeed, renewed optimism going into the weekend provided support for Carbon prices, which in turn added some pressure to UK Energy prices. However, Oil prices have slipped more than 1% this morning as the demand glut persists and economic fears continue as a result of the pandemic, cancelling out any support from supply cuts of the world’s largest producers.
The Pound looks on track to remain subdued over the coming weeks as the UK starts it’s long road to recovery in comparison to some other nations, with PM Boris Johnson’s announcement on Sunday that it would be in August that the majority of the economy would be open again.