Daily Energy Market Report 20th November 2017
Strong open on the NBP this morning with the market taking direction from colder weather runs.
However, there is low confidence in these runs and forecasts are expected to be choppy in the coming days.
The system is marginally long with Norwegian supply down on the back of the planned maintenance (20mcm/day) of an unnamed field until 23rd November.
However, Langeled continues to flow are near capacity at 72 mcm and Russian flows into Europe are high at 404 mcm.
The euro has weakened against the pound this morning after confidence in Germany forming a coalition government has collapsed. Currently GBP/EUR is at € 1.1245/£.
Brent is at $62.371/bbl, only slightly higher at where it closed at on Friday.
There appears to be little enthusiasm in the market as traders look ahead to the OPEC meeting at the end of the month.
A decision on output cut by OPEC is expected with the current deal to curb output due to expire in March 18.