UK Gas prices saw a dip in fortunes over the last week as the UK realised higher temperatures above the seasonal normal through the last 5 days. In turn these temperatures coupled with lower demand, but a strong flow of LNG into the system left it long over the period. However further decreases were halted throughout the week due to some planned and unplanned outages from Norway via the Langeled pipeline.
UK power prices had a volatile week last week showing large fluctuations before eventually closing down on the previous week. Tight supply margins saw the prices begin the week on the up due to reduced supply on the back of the Hartlepool shutdown. This shutdown grouped with higher demand and lower wind generation put pressure on the system and in turn pushing prices up. However surges in wind generation help ease pressure, and saw prices plummet towards the end of the week, however with the prospects of lower forecast generation and the need to more expensive gas generation will in turn step in to meet demand.
Market Data Source (ICE, Argus)
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