Market Insight and News
UK Energy Markets endured a volatile July with some sharp increases in the market through the middle of the month with prices stabilising towards the end of the month. Whilst prices began to fall slightly at the end of the month after the sharp rise we have seen significant gains to leave the markets at a high point for the year.
The announcement that rough storage will be unavailable until March/April has had the most important impact in the market which led to the significant short-term gains on both the gas and electricity market. The fallout of the EU referendum continues to have an impact on our markets amid speculation of UK growth and future investment, whilst the markets received disappointing news as the Bank of England failed to announce any new easing measures.
Current Oil Prices
|ICE Brent||Sept-16||42.40 $/bbl|
|ICE Gasoil||July-16||420.50 $/tonne|
Utility News Highlights:
- Thames Water withdraws from the non-domestic retail water market
- EDF agree Hinkley Point C go ahead but await Government decision
- Cabinet reshuffle leads to DECC being abolished with responsibilities transferred to BEIS