Oil & Markets
Brent crude futures experienced a 1.2% decline on Friday, closing at $74.99 per barrel, influenced by falling European banking shares and statements from US Energy Department officials that refilling the Strategic Petroleum Reserve could take years, potentially dampening future demand. As the banking crisis gradually fades into history, a new correlation between equities and crude markets has emerged, evidenced by the synchronised weekly gains. Despite the downturn in European banking stocks due to lingering economic concerns surrounding UBS and Deutsche Bank, equities performed well on Friday, with the S&P 500 posting a 0.30% gain, settling just below $3950.
Gas & Power
UK gas markets closed bearish on Friday, with the front month contract down 5.5% despite intraday gains due to strong demand and concerns about French industrial action disrupting nuclear and LNG facilities. Nevertheless, market fundamentals prevailed, causing a 4.0% drop in the front-month power contract. European gas and power markets mirrored this trend, with German power and Dutch gas front-month contracts settling 0.96% lower at 101.81 €/MWh and 4.84% lower at 41.09 €/MWh, respectively. The local power index in France continued to decline as the winter season nears its end, despite ongoing unrest causing disruptions in relevant industries.
How the market has opened each day:
DAY AHEAD PRICES | Gas (pence per therm) | Electric (£ per MWh) |
20/03/2023 | 90.90 | 102.00 |
21/03/2023 | 100.00 | 82.75 |
22/03/2023 | 94.50 | 89.25 |
23/03/2023 | 100.50 | 84.25 |
24/03/2023 | 102.50 | 119.00 |
27/03/2023 | 105.75 | 111.50 |
7 day averages
Gas (pence per therm) 99.03
Electric (£ per MWh) 98.13
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