Daily Energy Market Report Monday 9th July 2018
The UK has opened the week at 1mcm long, with forecast demand at 185mcm, 14mcm above seasonal normal.
This is the seventh consecutive day in which forecast demand has been above seasonal average due to the significant warm weather lifting cooling demand and need for gas burn for electricity.
CCGT demand is at 59.5mcm this morning as lower wind generation ensures higher gas burn is necessary to meet demand.
Oil prices have slowly climbed over the weekend to reach $77.71 as worries over supply continue to grow.
The demand for Oil has risen quickly during the year and key supply outlets have been declining, especially from Venezuela and Libya.
The UK is expected to remain warm this week, despite a small drop in temperatures on Tuesday/ Wednesday.
The forecast continues to show the region basking in hot weather 5/6°C above seasonal average.
Wind generation remains low at 4m/s below average until the weekend.
The GBP has started the week poorly, with Brexit Secretary David Davis resigning on Sunday night leading to fresh fears of a soft Brexit and uncertainty.