Daily Energy Market Report Thursday 12th July 2018
The UK system has opened 11.4mcm long this morning with forecast demand at 187mcm, 17mcm above seasonal norm.
The UK demand continues to hold above seasonal normal demand due to air conditioning demand and the need for gas burn to generate electricity.
The Interconnector is exporting at 53.1mcm today, up 10mcm from yesterday, with Langeled up to 41mcm.
CCGT gas burn demand remains high and has climbed above 61mcm for today, whilst storage injections are nominated at 5.7mcm.
Oil prices have fallen significantly overnight, the biggest drop in just over 2 years dropping by 7% to close at $73.35.
Libya announced that they would boost supply, as Libya’s National Oil Company said it would re-open four terminals for export.
This boosted the global supply outlook.
Gas prices further out on the curve have opened lower on the back of this with Win – 18 dropping just over 1p/therm since yesterday.
EUA has climbed again, with Spot prices up to €16.28 and December 2018 EUA is priced up to €16.32.
The wider energy complex remains strong as Coal continues to hold above $90, opening at $92.75.