November Energy Market Update: Impact on Your Bills
November energy market update overview
In these turbulent times where energy prices are subject to rapid changes due to both global events and national policies, staying informed and making strategic decisions about your utility contracts is crucial. Our insightful November energy market update pricing report highlights the impact of recent energy market shifts, such as fluctuations in natural gas and power prices, as well as the influences of Third-Party Costs. As wholesale energy markets show volatility with factors like Storm Rafael and geopolitical events, now is the optimal moment to secure a utility quote and safeguard your business against unexpected energy cost increases. Don’t let unforeseen market dynamics catch you off guard—contact us now to discover competitive rates and stabilise your energy expenditures.
November Energy Market
Natural gas prices across both UK and Europe saw increases though October but have now started to fall. UK
Power prices were also pushing higher recently, with lower wind and likely following natural gas sentiment.
The UK has turned to storage withdrawals to help meet demand and temperatures are set to remain well above seasonal average currently continuing with the bearish set up. Wind generation is set to increase so there could be a more comfortable supply picture going forwards.
Storm Rafael is picking up in the Gulf of Mexico and rippling effects are likely to be expected in oil, gas and power prices as a result.
On LNG, the UK expects to receive 4 cargoes in the near term – with reliance on gas being fairly high at the moment, this could present much needed support for UK markets.
The US election may bring some volatility following announcement of the results.
Bullish Factors (Upward pressure on markets):
- US Election
- Storm Rafael
- Conflict in the Middle East & Ukraine
Bearish Factors (Downward pressure on markets):
- Strong storage supply
- Warmer temperatures
- LNG shipments
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