Daily Energy Market Report 1st December 2017
Both contracts at the TTF and NBP have opened higher as cold weather risk into the second week of December is supporting contracts at the front of the curve.
Spot contracts moved upwards as the system has opened 20mcm short, as demand is 52mcm above seasonal norms, however LDZ consumption has reduced by 20mcm.
MRS sites are withdrawing 23mcm less day – on day supporting the front of the cold.
Contracts along the curve have taken direction from Brent crude strength attributed to OPEC’s decision yesterday to extend the production cap for a further nine months, until the end of 2018.
On this occasion both Nigeria and Libya have been included as previously they were exempt.