Daily Energy Market Report Friday 10th August 2018
Similar to yesterday cooler weather is set to arrive next week bringing temperatures closer to the seasonal norms with a calm and dry system due to return the following week.
The NBP once again has opened long as demand falls 4mcm below seasonal norms.
Norwegian flows to the Continent remain low day – on day and Langeled imports to Easington continue to flow hard at 50mcm.
Exports via the IUK increased to 42mcm and MRS sites are net injecting 8mcm as the Prompt widens to the Front – month.
Injection demand across Europe should be extremely high for the next 7 days before Norwegian maintenance commences on the 17th August.
Oil is heading towards its longest weekly losing streak in three years as a trade war between the USA and China; the world’s two biggest economies agitate investors creating fear that it could heavily reduce energy demand.