Daily Energy Market Report Monday 14th May 2018
The UK has opened 5.8 mcm long this morning, despite demand increasing by ~20mcm from Friday.
Demand has climbed up from 168.3mcm on Friday to 186.8 today.
Flows from Norway, via Langeled have increased by 5mcm to 50mcm today, but despite an LNG arrival into South Hook on 12th May there has been no increase in flow as of yet.
There has been some weakness in Oil prices over the weekend, as US drilling continues to increase with reports likely to confirm this through the week.
The bullish move on the back of Trump withdrawing the US from the Iranian nuclear deal has lost its momentum as a number of European nations reacted strongly to the US stance.
US rigs now stand at 844, up by 10, meaning the US now has its highest stockpile since March 2015.
Temperatures are set to remain above seasonal norm until Wednesday, before a brief cooler period lasting the weekend. All models seem aligned that temperatures will hold 1/2°C above seasonal normal until the end of the month.
A period of high pressure will hold in the UK meaning that the higher temperatures will be partnered with lower wind generation for the coming week.