Oil prices nudge up today – DMR

Oil has seen a “really strong week” according to the daily market report, with Brent currently trading at around $58 (£37.8) a barrel. Ben Spry, Optimisation Desk Manager at npower […]

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By Taryn Nixon

Oil has seen a “really strong week” according to the daily market report, with Brent currently trading at around $58 (£37.8) a barrel.

Ben Spry, Optimisation Desk Manager at npower said: “Key players in the market are buying it at the moment with a view to storing it and maybe selling it at higher levels through the forward curve.

“The strikes in the US in some of its refineries are impacting production, so that’s lending a little bit of support as well to the oil price.”

The gas system is well supplied, predicted to close at around 16 million cubic metres (mcm) long, added the analyst.

Power prices followed gas a little bit lower this morning and wind dropped off slightly by around 2GW, he added.