Market pulled up by major political events

Focus week 49: The market experienced upwards adjustments last week, following price falls in the previous week. The focus was on, among other things, the G20 Summit in Argentina and OPEC and Russia’s oil policies.

Here and now

The Nordic energy market climbed steadily for most of the last week. To begin with it was the colder and drier weather forecasts and high spot prices that sent the forward prices up, but after the weekend all eyes were on the improved mood in the Chinese-American trade war and signals from Russia and OPEC regarding further cuts to oil production. The Q1-19 contract closed at EUR 50.85/MWh on Monday, an increase of EUR 1.62/MWh during the course of the week, while the YR-19 contract increased by EUR 2.75/MWh to EUR 43.30/MWh.

Read Focus here.