Daily Energy Market Report Monday 16th April 2018
The UK has opened up 18mcm short this morning, despite demand reducing to below seasonal normal.
Total LDZ consumption has reduced by roughly 30mcm day on day, and higher wind generation has ensured a reduction of roughly 10mcm by CCGT demand.
The NBP gas price eased on Monday’s opening despite a tight supply outlook and bullish moves across commodities in Europe as Coal rose to $82.65, with further upward moves in EU ETS with EUA futures trading up over €14.50.
The NBP prices fell as UK demand reduced below seasonal normal and a weaker Oil price weighed on the curve.
Oil prices are slightly lower this morning as soaring US production remains at the forefront of Oil news, whilst political tensions following the missile strike on Syria have eased.
There are a number of gas outages across Europe, impacting supply to the UK with Kollsnes and Heimdal offline, taking roughly 25mcm off grid.
LNG flows have reduced today, with no cargo expected in the UK in the coming weeks based on current forecasts.