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"Your Weekly Energy Market Report 20/05/2020"
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
Price increases on the near curve were contained somewhat, as reports of milder weather and a healthy LNG outlook for the remainder of this month continued to suppress price movements for short term contracts. Norwegian flows into the UK remained low as the week closed, with a number of scheduled maintenance procedures going ahead on key North Sea infrastructure.
The renewables mix also remained strong on Friday and throughout the course of the weekend, with levels of solar and wind generation making up a significant portion of the National Grid’s stack.
Further along the curve, bullish sentiment took hold courtesy of a strong commodity mix. Indeed, strong gains in Brent Crude Oil fueled these increases, with Brent rising by over 7% following the release of the IEA’s forecast for global stocks, detailing a reduction of 5.5m barrels/day for the second half of this calendar year.
Pound Sterling weakened throughout Friday and over the course of the weekend.