Friday Energy Update 14/07/23

The market has maintained mild volatility over the last seven days. with overall light decreases.

Increases mainly due to supply pressures in the first four days (China buying up LNG, Norwegian restrictions affecting UK flows, low wind output, bullish carbon market)

Decreases in the last two days mainly due to a discovery of a large gas reserve in Norway (may bode well for the UK depending on how quickly they can extract vs renewable + Russia transition), large European storage levels (80%) giving confidence going into winter and increased wind output.

“While total production of oil and natural gas pale in comparison to the likes of the United States, Norway plays a vital role in supporting energy security in the markets of Europe and the United Kingdom.

The United Kingdom, the Netherlands and Sweden take up about half of Norway's total exports of natural gas. Almost all of its crude oil exports go to European economies”

Increases again today, Friday 14^th July, on the back of a now bullish oil market.

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We are currently saving our clients, up to 60% on their utility bills. Please feel free to contact our Business Efficiency Team, on 01273 424904. So, we can provide you with recommendations around reducing your energy costs.

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