Daily Energy Market Report Friday 7th Dec 18. The UK market has opened softly this morning with mild temperatures, strong wind generation and weaker Oil prices driving the market.
The UK has opened with a slightly long system that has steadily grown in length this during the session.
Total UK demand was forecast at 246mcm with supplies live at 254mcm.
Norwegian flows continue at near capacity flowing at 72mcm, with LNG flows remaining low.
Grain LNG terminal is down to 62% full due to the recent increased withdrawals, but cargoes are expected in the UK in the coming days.
The UK is experiencing higher wind generation this morning, and mild temperatures are continuing.
Gas burn for power demand has halved day on day, to just 32mcm for the day as renewables take over the brunt of the demand.
Oil prices lost 2% on Thursday, opening lower this morning as OPEC delayed a decision to announce further production cuts in 2019 until today, with the meeting set to continue in Vienna.
A cut is still likely, but the cartel are waiting on commitments from non OPEC countries (Russia) to confirm if they are to get on board with them.
Daily Energy Market Report Friday 7th Dec 18 brought to you by British Utilities