There was certainly an air of panic within Energy Markets last week, with price matrices suspended for periods of time and bespoke quotes provided then withdrawn due to spikes within the market.
Oil Prices continued to show positive signs, continuing its momentum after the OPEC production cap was announced in late September. Over the course of the week, oil prices rose by 3.17% reaching a high of 52.50 $/bl, posting it highest price since early June.
This cocktail of the crashing pound and rising Oil Prices spelt bad news for Electricity and Gas Prices. Both of which showed spikes, with intraday Gas pricing being as volatile as the immediate aftermath of the Brexit Vote. Gas Prices spiked on Thursday, where Front Month offers reached 45.203 p/therm an increase of 7.59% since the start of the week.
In terms of a conclusion, it is hard to predict the next path that markets will take. As you could imagine the British Pound is under the microscope and will be for some time.