UK Gas prices have increased this morning, on the back of a short system.
Below seasonal normal temperature levels are expected for the next few days in the UK, however over the weekend and early into next week it is expected to turn warmer.
The NBP system opened 8mcm short, however this has already increased to around 14mcm short. UKCS flows are lower this morning, due to ongoing maintenance and an unplanned interruption to Bacton production.
Oil prices have fallen this morning, despite a larger than expected drop in US Oil inventories. However doubts are still floating around whether OPEC have the ability to limit supply.
UK Power has done exactly the same as UK Gas, posting increases.
A mixed and unsettled outlook for the UK is affecting Power prices, as wind and solar generation have no steady prediction levels.
Day Ahead prices are up this morning, due to low wind and an unplanned Nuclear outage at Hinkley Point B Unit 7 (this is due to return 23rd August).
Oil prices have declined slightly this morning, over continuing doubts whether OPEC can head up the production cuts needed to stabilise the global supply glut.
Dutch and French Gas prices have opened higher this morning, similar to most markets today.
Continental forecasts are very much similar to the UK. Temperatures are below seasonal normal this week, with slightly warmer weather coming into next week. Unsettled and breezier weather is set to return to North West Europe next week.
Russian flows have reduced this morning, as the Kondratki maintenance continues and leads to lower Mallnow flows – volumes for this are expected to return back to normal on Friday.
Limiting rises, is the drop in Oil prices, despite a significant drop in US Oil inventories.
The majority of the Dutch and German Power curves have remained at yesterday’s close, with Day Ahead posting sharp increases this morning.
Low wind levels and an unplanned Nuclear outage at Hinkley Point B Unit 7, have created strong sentiment for the Day Ahead prices and have pushed prices up considerably.
Weather is still unsettled on the continent, however breezier conditions for North West Europe next week, are increasing wind generation forecasts.
Oil prices have fallen this morning, as doubts still remains around OPEC-led production cuts.