Daily Energy Market Report Friday 8th June 2018
The UK is 4.8mcm short this morning with demand increasing by 6mcm day on day, up to 152mcm.
Demand is currently sitting 25mcm below average and thus keeping the trend whereby forecast demand has been below seasonal normal since 2nd May.
UK temperatures continue to reduce gas consumption; however, a poor wind output means there is increased CCGT demand.
Flows into the UK from Langeled remain low, averaging at 23mcm today, dropping from 28mcm yesterday with flows from St Fergus falling slightly since yesterday.
The IUK is currently exporting 11.9mcm this morning and storage facilities are net injecting 4mcm.
Gas prices in the UK climbed on Thursday, tracking gains in the wider energy complex with Carbon and oil prices strengthening.
Oil prices climbed from $75.80 to highs of $77.54 on the back of supply fears from Venezuela, struck by economic crisis and US Sanctions, which has seen production and shipment issues.
The forecast temperatures look set to remain fair, with warm weather persisting in the UK.
Temperatures are set to hold 3-4°C above seasonal norm until at least the end of next week.