Despite a bearish supply and demand fundamental outlook last week, prices were mostly bullish across the NBP and UK power markets. The end of major maintenance in Norway, mild temperatures and strong renewable output led to weaker prices on the prompt.
The bearish impact tried to filter down to the near curve, however stubborn resistance from the fuels complex ensured that the curve ended the week higher. Oil prices reached new 4 year highs within the week, reaching $86/bbl. as markets increased their anxiety over the upcoming US trade sanctions…read more