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Daily Energy Crunch

  • Project Nexus System Outage: Important Information

    Project Nexus, the replacement for Xoserve’s ageing gas settlement system enters its implementation phase into industry and should be compete on 1 June 2017.   As a result, the Gas industry will experience an unprecedented level of change during the transitional period of 23 May 2017 to 5 June 2017 which means that customers will experience longer registration lead times than normal. These changes affect all gas suppliers – electricity switching will not be impacted. Normal registration timescales are expected to resume for registrations initiated from 6 June 2017 as the industry returns to business as usual. The new platform […]

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  • The current wholesale market

    You may remember our market reports earlier in the year were encouraging early renewals and long term contracts, the sharp increases in recent months have made any contracts that were secured early certainly look like very good deals. The last few months have seen volatile market conditions and some sharp increases in wholesale prices, with Gas now 37% higher than 3 months ago and Power 27% higher. Driving these changes have been: – Uncertainty over the UK economy with the referendum on the UK remaining in the EU – A weakening on the pound sterling, making importing Gas and Oil more expensive – Recovering Oil […]

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  • EU Referendum Energy Markets – The reality one week on

    Over a week has gone by since the result of the EU referendum. Whilst it will undoubtedly impact many economic issues across Britain’s businesses, Energy Procurement tries to cut through the hype and looks at the likely effects on the UK energy market. The reality, one week on Energy markets in the short term were predicted to being volatile, whilst the markets try to pre-determine where the value of the pound will settle and the effect this will have within the price of oil. However, in reality there have been no excessive price hikes (due to Brexit) and we are […]

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  • Energy Crunch 27.4.16

    This week has seen continued sharp increases in the wholesale cost of Gas & Power resulting in widespread withdrawal of both Corporate and SME prices. Since last Monday Annual Gas prices have increased 18% and Power 11%. These increases have been supported by an increase in Oil prices and colder than seasonal norm temperatures. There have also been a number of Gas outages which is compounding the issue and feeding in to the forward curve. Withdrawals have been made from Rough storage at a time of the year when we may have been injecting in to storage. Within the Power market there have also been […]

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  • Energy Crunch Friday 11th March 2016

    Please find enclosed our daily report on power, gas and oil market: Extremely volatile session on financial markets yesterday. While measures announced by the ECB were initially praised by markets, the fact that Mr Draghi said there may not be further rate cuts triggered a U-turn. Then markets gradually expressed pessimism regarding the potential efficiency of ECB measures and more generally Central Banks’ action. The EUR/USD fell to its lowest level since Feb. (close to 1.08) before climbing to its highest level since Feb 15. (above 1.12). It remains very high this morning. A downward correction looks very likely now. […]

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  • Energy Crunch Wednesday 24th February 2016

    Please find enclosed our daily report on power, gas and oil market: The mild downward correction in risky assets turned into something more severe yesterday afternoon, when oil prices fell in the wake of the Saudi Oil Minister’s speech in Houston . The mood is likely to remain gloomy today, as the economic agenda is almost empty. Moreover, the Fed n°2 delivered a rather hawkish speech yesterday suggesting rate hikes were still on the table, at odds with market expectations; The GBP fell further, below 1.40 USD. The euro strengthened a bit against the Pound, but not to the same […]

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  • Energy Crunch 12th February 2016

    Please find enclosed our daily report on power, gas and oil market: Returning from public holiday and trailing European (and US markets to a lesser extent), the Japanese equity market crashed overnight by nearly 5%. The decline was amplified by the surge in the yen against the USD, the USD/JPY pair having fallen from 122 to 112 since the start of the month. There was no news yesterday, with the exceptions of some results in the European banking sector triggering a new dire downward correction in bank shares. The EUR/USD pair kept on increasing, touching the upper limit of its […]

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  • Energy Crunch – 1st February 2016

    Please find enclosed our 1.2.16 report on power, gas and oil market: Financial markets remain in a recovery mode, but signs of global economic slowdown are accumulating. US GDP growth slowed down to +0.7% in Q4 2015 and Chinese PMIs were weaker or remained weak in January. There is still no sign of improvement in China’s economic situation. The EUR/USD pair fell to close to 1.08 on Friday, as markets focused on less-bad-than-expected US consumer spending data, but markets are increasingly convinced the Fed is not going to hike rates in March (the probability attached to this scenario has fallen […]

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  • Energy Crunch report – Friday 22nd January 2016

    Please find enclosed our daily report on power, gas and oil market: The ECB sent strong signals that further monetary easing would come with near-certainty in March and as in parallel, oil prices rebounded strongly, risk appetite came back on financial markets. Yet, this respite may be temporary, as China should remain the main source of worry and we have not seen anything really positive coming from China for a long time. The euro weakened logically after Mr. Draghi’s comments, but did not weaken that much eventually. Investors remain cautious after December’s disappointment and one has to keep in mind […]

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  • Energy Crunch – Wednesday 20th January 2016

    Please find enclosed our daily report on power, gas and oil market: Risk aversion returned overnight with still the same symptoms: crash in equities, commodities and emerging currencies, falling bond yields, strong demand for Yen and gold. There was no reason to be optimistic after the release in Chinese economic data and the downward revision in the IMF global growth forecasts tipped the scales in favour of the bears on financial markets. The USD is broadly weaker, as US bond yields are now close to their October lows (below 2% for the 10y). Prospects of further Fed rate hikes have […]

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