Energy Market Update – 09 January 2015

09 January 2015


The NBP has continued to fall, with low demand, a healthy supply outlook and weakness in the oil market all pushing prices lower. Storage & LNG levels both remain high for the time of year and four further LNG cargoes are scheduled to dock at UK ports in the next week adding to the bearish outlook.  Oil prices have fallen further this week with Brent briefly falling below $50/bbl on Wednesday, a 5 year low.  The Summer & Winter 2015 contracts are currently offered at 43.65 & 50.00p/therm.  February 2015 & Q2-2015, now the front month and quarter, are offered at 46.50 & 43.90p/therm.  Day-ahead is currently 45.75p/therm.


Losses have been recorded across the power curve this week with continuing weakness in the gas, oil and carbon markets all providing bearish impetus.  Summer & Winter 2015 are currently offered at £42.65 & £46.50/MWh, with February 2015 & Q2-2015 offered at £40.40 & £42.80/MWh.  High wind generation has also pushed the power prompt lower.  Capacity is predicted to peak at 7.4GW over the weekend, pushing day ahead below £40.00/MWh.

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