Gas and energy Prices are dictated by a number of factors including; the weather, technical outages, fuel markets and the economy. Below is an overview of key milestones over the past year which have resulted in strong price movements.
4th April 2017: Cyclone Debbie resulted in severe coal supply disruptions in Australia, impacting markets across the world. Coal prices moved higher, impacting other markets.
12th April 2017 – It was announced that the Rough storage facility would not be restarting injections due to failed safety tests. This supported gas prices.
15th May 2017 - Saudi Arabia and Russia agree to extend oil production cuts for a further 9 months in an attempt to tackle global oversupply; this resulted in a sharp rise in oil prices.
2nd June 2017 – The US withdraw from the global climate change pact, potentially sparking a surge in US oil drilling because of a lack of sanctions. This led to a decrease on global oil markets.
5th June 2017 – A number of nations in the Middle East cut diplomatic ties with Qatar due to links with terrorism. Oil prices moved higher.
20th June 2017 – Centrica confirm that the Rough storage facility will be closed permanently. Gas prices strengthened on the back of this news.
25th July 2017 – Saudi Arabia agree to reduce oil exports from August-17 onwards following an OPEC meeting, providing support to oil prices.
26th July 2017 – The Kollsnes gas field in Norway was expected to return on this day but instead maintenance was extended until the 1st of October 2017. This helped gas prices to move higher.
25th August 2017 – The US prepared for Hurricane Harvey and a number of production facilities were closed ahead of potential damage. Oil increased.
20th September 2017 – Following Hurricane Maria, the UK experienced high wind generation levels reducing the need for fossil fuels. This resulted in lower prompt contracts for gas and power.
25th September 2017 – Oil prices climbed higher following threats made by Turkey to cut supply flow through Iraq.
28th September 2017 – A number of French nuclear plants were temporarily closed following a review, resulting in an increase in power prices.
7th November 2017 – Oil prices hit their highest level since the middle of 2015 due to political uncertainty in Saudi Arabia.
11th December 2017 – A significant crack was found on the Forties pipeline resulting in a temporary shutdown, gas contracts displayed large gains on the back of this news.
12th December 2017 – An explosion occurred at the Baumgarten gas terminal in Austria, limiting flows to the rest of Europe. This resulted in further upward movement on the gas curve.
2nd January 2018 – Oil prices hit a 3-year high due to tensions in Iran and OPEC production cuts.
8th January 2018 – A 3.4 magnitude earthquake hits Groningen, sparking fears of further production cuts at the major gas facility in the area. This led to a rise in gas prices.
1st March 2018 – The Beast from the East hits the UK resulting in freezing temperatures and strong demand levels, resulting in a surge in prompt prices.
29th March 2018 – The Dutch government confirm that production at Groningen would be cut from 21bcm to 12bcm; gas prices increased.
9th April 2018 – Concerns regarding a trade war between the US and China ease and the Dollar weakens, supporting oil prices.
14th April 2018 – Oil prices reach their highest levels since 2014 due to US air strikes on Syria.