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Some early morning bullishness was seen during Friday’s session as the expectation of a rise in exports from the UK to Belgium forced day-ahead and month-ahead contracts upwards.
Furthermore, an expectant fall in daily LNG send out into the UK’s gas system also had a bullish impact. Throughout the course of the day bearish sentiment began to take hold, instigate a correction of some of the upside risk seen earlier on. Stronger levels of wind generation, warmer temperatures, a weakening Carbon price and a short upcoming week, all playing their part.
Forthcoming upside risk could be derived from any scheduled Norwegian pipeline maintenance during May and any alleviating of the considerable impact that economic lockdown across Europe is having on industrial energy demand.
Despite a strong end to April, analysts are forecasting a bearish month for Pound Sterling. Weakness in global stock and index markets are continuing to have an impact on the Pound’s direction, a result of the considerable reliance that the UK economy has on its banking sector. Furthermore, some strengthening trends in the US Dollar and the Euro are also playing their part.
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