Daily Energy Market Report 13th December 2017
Prices this morning have recovered if we compare against yesterday morning’s rally, however there is still significant risk premiums built into forward curves this morning.
We established yesterday that the Forties pipeline is going to be offline but it has been commented that it will take “no less than two”.
The Baumgarten facility has turned back online with transit working in all directions following the explosion yesterday and Norwegian outages are significantly reducing flows into both the NBP and Continent.
The Troll field in Norway has an unexpected outage as there have been issues restarting the facility, with the published outage removing 107mcm of capacity, this is on top of current
This has seen Norwegian flows to the NBP drop this morning with the Langeled pipeline nominated to flow at 22mcm, 52mcm lower day on day.
The system has opened 30mcm short this morning with the prompt remaining strong.
Gains in the wider energy complex is supporting contracts further along the forward curve at both the TTF, NBP and PEG Nord.