• NBP prices opened lower this morning, but have since posted some increases. A short UK system, higher Oil and technical trading seem to be the support.
• From tomorrow onwards the UK is expected to see cooler temperatures, next week is expected to return towards seasonal normal levels.
• UK system is slightly short today (-2mcm), and demand is below seasonal normal. Bacton flows have increased, and Langeled flows have returned to levels around 20mcm as the Orman Lange outage nears its end.
• Oil prices have risen slightly this morning, as the market continues to react to cut announcements. However rises are limited as US Crude Inventories report rises.
• UK Power prices have moved similarly to the NBP. Lacking direction across the curve.
• Weak wind generation is expected over the next couple of days, however is expected to increase slightly next week.
• Increased cloud cover is expected for next week, reducing Solar output forecasts, and along with higher consumption adding support to prices.
• Coal prices have risen this morning, on the back of Oil price increases, a weaker Dollar and Chinese future movements.
• Dutch and French Gas prices have fallen this morning, on the back of warm weather and a strengthening Euro.
• Very warm outlook on the continent for the next couple of days, adding weight to the curve.
• Norwegian flows to the continent have increased, due to the lower capacity cut at Orman Lange, Russian flows have also increased 9mcm.
• The Euro has strengthened, as expectations change for future policies at the European Central bank and the currency still continues to react to Macron’s political win.
• Both Dutch and German Power have increased this morning, albeit very minimal.
• Both Oil and Coal prices have shown increases this morning. Coal rises on the back of Oil, weaker Dollar and Chinese future movements, whereas Oil continues to react to Saudi Arabia and Russia’s production cut announcement.
• Wind and Solar generation forecasts have decreased for the coming days, offering support.
• Capping any gains, is warm weather on the continent. Temperatures are expected to turn cooler over the weekend, then return to mild seasonal normal temperatures next week.