Daily Energy Market Report Friday 14th September 2018
The UK has opened long this morning at 6mcm as Norwegian flows crept up to 26mcm from 23mcm day on day.
Total demand sits at 159mcm, 12mcm below seasonal average with warmer weather expected to bring temperatures 4/5°C above seasonal average from next Monday.
Oil prices saw sharp losses on Thursday, losing over $1.50bbl, its biggest daily losses for over a month as global demand concerns grew.
Despite demand threatening to reach 100million barrels a day the crisis of emerging markets and depreciation of currencies against the dollar have made it expensive for some markets to import commodities.
The GBP has made some further ground against the dollar on Thursday as US consumer price index results came back below expectations.
The GBP has risen to 1.31 against the Greenback.
Carbon EUA’s have plummeted over recent sessions, trading at lows of €18.50 this morning dragging the back of the UK gas curve down with it.
Reports on Thursday suggested that an injection of 100M allowances could be made if the market continued to kick up.