Daily Energy Market Report 11th September 2018
Monday was bullish with prices lifting due to strength in Carbon markets, Coal ticking up over $1/tonne and Brent crude futures strengthening.
The UK has opened with good system supply this morning, 13mcm long.
The UK forecast is expected to be at just 141mcm, down 9mcm day on day and 35mcm below seasonal normal demand.
Langeled flows remain low at 17mcm but CCGT demand has dropped to 30mcm and the IUK exports have fallen to just 22mcm.
Storage facilities are set to withdraw 8mcm of gas today helping to keep balanced.
Prices ticked up on opening but have since fallen sharply, with Win – 18 falling 2p/therm.
The market traded at 81.10p/therm at 07:42 before ticking down to 79.10.
Carbon prices have fallen from €25.17 to hold at €24.25 currently helping to pressure the far curve.
The GBP has strengthened against most currencies on Monday and continued with its bullish momentum following comments from Michel Barnier that a Brexit negotiation with Europe could be agreed within 6 – 8 weeks, removing some anxiety around the break up.