• UK prices have fallen this morning, as easing demand continues to weigh on prices.
• Weather forecasts for the UK are increasingly warm, in turn reducing demand levels and pushing prices down.
• Oil prices have continued yesterday’s sharp falls this morning, opening at a loss. This is following increases in global inventories and doubts over whether OPEC will have the ability to implement their supposed cuts.
• Possibly limiting losses is a balanced UK system (falls in Norwegian flows due to outages), and a depreciating Pound against the Euro, as the General Election backlash continues.
• UK Power prices have also fallen this morning, similarly following the trend set by decreases in demand.
• Weather in the UK, is set to be very warm this weekend and into early next week, this warm period has potential to last for the foreseeable, prompting demand levels to fall.
• Wind levels are falling slightly today, as Solar output is set to increase due to high pressure. Wind however is expected to pick up again towards the end of next week.
• Falling Power prices this morning are also supported by, decreases in Oil and EUA prices, as this offers weight to the curve.
• Dutch and French Gas prices have fallen this morning, again as easing demand weighs on the whole curve.
• Temperatures on the continent are exceedingly warm this week, especially in France. Temperatures are set to range between 30-35⁰C.
• Norwegian imports to the continent are lower this morning, however marginally higher LNG send outs from Gate and strong send outs from Montoir are cancelling this out.
• The Euro is gaining strength against the Pound, as the Pound weakens as the UK Government continue to organise their selves in wake of the general election.
• German and Dutch Power prices have fallen this morning, following the trend of its counterparts and taking impact from falling demand levels.
• Very warm weather on the continent, is pushing demand down and weighing on prices.
• Wind levels are being revised calmer, as Solar output is set to increase due to high pressure.
• Falling Oil price have weighed on the curve, as increasing global inventories and doubts surrounding OPEC push prices down.
• The Euro is strengthening against the Pound, as Theresa May continues to negotiate her Government. This helps push Continental prices down.