· Gas has avoided any significant changes, seeing a week on week loss of only 0.83%, it seemed as though it decided it deserved a holiday (like the rest of us) and stayed pretty flat.
· We have been lucky to have had plenty of sunshine and long bank holiday weekends this month, (Thanks Will and Kate!) all factors which have aided in bearish market prices due to lower industrial demand and warmer temperatures.
· The UK has seen an influx of LNG cargo’s, which have more than offset the shortfall in Norwegian flows resulting from supply niggles at the Kollsnes plant due to maintenance and the Langeled pipeline struggling to reach 20 mcm for the majority of the last fortnight.
· A heavy sell off in Crude oil and a 31% sell off in silver last week increased volatility in the commodity markets and triggered a downturn in gas and power prices.
· Oil prices have been extremely volatile (producing graphs that don’t look dissimilar to the Himalaya mountain range) but have ultimately traded sideways. This has been on numerous factors
o Many market participants are erring toward a downturn in prices as US demand looks weak.
o Eurozone debt remains a major concern. A slowdown in economic recovery has pulled both oil and stock prices lower. This comes as the Eurozone minister approves a 78 billion euro bailout for Portugal.
Electricity and Gas month ahead prices
