Now is a good time to buy gas or electricity, according to Inenco.
Stuart Lea, Head of Energy Trading said: “Given prices are really low and the risk is that they can only really go up from here, this is probably a good time to consider buying more gas or electricity if you’re on a flex deal.
“And again, as in previous weeks, it’s still a good week to place a fixed-price contract.”
Colder weather is coming in this week so this might increase the demand for gas.
Norwegian maintenance is beginning again on 19th May. Mr Lea added: “Although the impact of this is not meant to be significant, to balance this off you’ve got an expectation of more LNG coming into the UK this week.
“So in reality, it’ll probably be another flat week on the market.”
Mr Lea said the main thing to happen this week has been the general election, “we’ve seen the Tories elected with a majority, this means in terms of energy prices it’s probably neutral and its business as normal.”
He also said the increase in oil price to nearly $70 a barrel (£45/bbl) was one of the main things to be noted as “oil has been on an upward price trend since January this year”.
Last week, ELN spoke to Matt Osborne, Principal Risk Manager at Inenco about the effects of the Conservative election win on the energy market and former CEO of Energy UK Angela Knight about what it means for the industry.