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Energy Prices Update

Towards the end of July the power market saw increases across the board due to threats of striking Norwegian gas and oil workers bringing all production to a halt. The Norwegian Government forced an end to the industrial action on July 10^th and we have since witnessed an end to the uptrend. October ’12 Annual’s have lost over £1/MWh whereas other Annual’s have fluctuated less bullishly.

Gas prices have also slipped following the end of the strikes seeing Annual’s lose around 1p/th. Longer term gas prices are set to rise following economic recovery talks. On the back of this oil prices have also risen, currently at the highest level since the end of May and coal prices have also rallied up gaining 2% over the last few days.