• UK Gas prices have fallen this morning, on the back of a balanced system and slightly lower Oil prices this morning. The UK is expected to be warm in the coming days, but cooler over the weekend. After that it is expected to return to seasonal normal. We also have lower wind and solar levels this week, increasing Power burn and offering support.
• The NBP has opened marginally long this morning, with demand pegged slightly below seasonal normal.
• 3 nuclear facilities are on maintenance until the end of the month. Bacton and Langeled flows have increased, to make up the short fall. LNG send outs have also increased, with 2/3 expected cargoes coming soon to South Hook.
• UK Power prices have opened mixed this morning, with gains and losses mixed across the board.
• Both Solar and Wind levels are weak at the minute, wind being extremely weak. This is increasing Power burn and offering support to the curve. Wind is expected to remain weak over the coming days, as Solar is forecast to rise.
• The UK temperatures seem to be increasing and next week are expected to head back to around seasonal normal levels. Predictions are this will reduce Power burn.
• Oil prices have fallen this morning, as the market relaxes ready for Americas Independence Holiday.
• Dutch and French Gas prices have increased minimally this morning, on the back of healthy system dynamics.
• It is warm on the continent this week, seasonal normal levels should be seen over the weekend.
• Norwegian deliveries to the continent have remained unchanged this morning, with Russian flows slightly decreasing.
• Oil prices have fallen slightly this morning, ahead of today’s US holiday, following 8 days of gains – longest daily rally for 5 years.
• Dutch Power prices have increased this morning, whilst German prices have shown minimal decreases.
• Power burn levels are high today, as weak Solar and Wind levels continue. This in turn adds support to prices. Solar output is set to increase as the week goes on, but with cooler continental temperatures expected for next week, this could cancel any positive.
• As today’s 4th July celebrations begin in the US, this has pushed Oil prices down and broken the 8 day rise.
• Minimal movements for continental Gas hasn’t added much trend following this morning, forcing prices to react to different drivers.