Oil & Markets
Brent crude futures recovered after a very volatile day, managing to get back from a low of $82.36 to $85.83 per barrel. The day was fuelled by headline induced volatility, as the UAE held internal debates on leaving OPEC and increasing their production capacity. Prices swung violently in the opposite direction when anonymous sources dispelled the rumours. This week marked the third highest weekly gain this year for the commodity. Wall Street stocks posted strong gains on Friday, as data indicating strong economic growth in the US grew the risk appetite of investors, even as the fear of further rate hikes loomed over the horizon.
Gas & Power
Wholesale gas prices dropped across the board in mainland Europe and the UK, as strong fundamentals in the form of high storage levels (31.5% higher than this time last year), and robust LNG arrivals continue applying bearish pressure to the markets, despite colder than average weather. Power markets similarly posted losses even as France experienced a drop in nuclear capacity after walkouts, which started on Friday, leading to a 3.9 GW decrease in output. This is equivalent to approximately four reactors going offline. Good output from wind generation also helped mitigate any gains that would be brought about by cold weather
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
27/02/2023 | 119.50 | 142.75 |
28/02/2023 | 121.00 | 135.50 |
01/03/2023 | 123.75 | 137.00 |
02/03/2023 | 125.10 | 139.50 |
03/03/2023 | 118.40 | 138.00 |
06/03/2023 | 114.50 | 134.00 |
7 day averages
Gas (pence per therm) 120.38
Electric (£ per MWh) 137.79
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