Daily Energy Market Report 13th November 2017
The UK demand has lifted above 300mcm for the first time during Win – 17 amongst significantly colder weather to start the week.
Despite this, the UK system opened around 13mcm long with good supply into the system.
The UK has turned to net imports through the interconnector albeit a small nomination of 1mcm.
Rough storage continues to flow at ~8mcm and with both Norwegian (72mcm) and Russian flows (Up 11mcm) flowing strongly the UK system has remained comfortable during the first real test of Winter – 2017.
Cold weather is expected to remain present until the middle of this week, with forecasts holding low confidence views at present of turning milder into next week.
Brent Crude Oil has traded downwards slightly over the weekend with the commodity now priced at $63.45 with all eyes remaining on the OPEC meeting on November 30th with expectations of a further production cut throughout 2018.