Daily Energy Market Report Monday 11th June 2018
The UK has opened the week long, with forecast supply 6.6mcm above forecast consumption.
The UK forecast demand is at 143.9mcm today, remaining well below seasonal average 181mcm.
The weather forecast is expected to remain warm for the coming week but limited wind generation is offsetting the reduced demand from heating.
Oil prices have opened lower to start the week as US rig count increased and non – OPEC countries production has ramped up.
Russia has increased production and the US is at a record high weekly production level at 10.8 million barrels.
An OPEC meeting is set for 22nd June in Austria and the fallout has already started with news breaking that the US asked Saudi Arabia to increase production to offset Iran’s export issues following the sanctions placed upon them.
The GBP has weakened this morning but there is some key data to be released today.
Manufacturing and Industrial Production year on year and month on month is to be released after a 08:30 meet, followed by annual earnings shortly after.
The market has opened lower this morning on the back of a long system and weaker Oil prices.
IUK outage set to begin on Wednesday, meaning no import or export to Britain will be possible between 13th June – 28th June.