Daily Energy Market Report Thursday 17th May 2018
It was a bullish day again yesterday on the NBP as unplanned outages and strong performance from the energy complex as a whole lead to gains in the curve.
It is a similar story at the open this morning with strong rises in both oil and carbon.
Oil prices have extended gains after US crude inventories fell and as Goldman Sachs stated that demand remains strong at a time when the market faces supply risks.
Temperature forecasts were revised cooler overnight with more breezier and cooler days at the turn of the month.
June as a whole is expected to be warmer than norm across the continent.
Concerning the system, the NBP is currently around 2 cm short this morning with demand pegged at 188mcm, 11mcm below seasonal normal total demand.
IUK exports are nominated at 22mcm.
Storage facilities are withdrawing 16mcm.
There are 3 outages in question; Kristin is expected to last till tomorrow, with a capacity loss today of 6mcm, Kvitebjorn is expected to last for 5 days with a capacity loss of 14.7mcm and Nyhamna is expected to last only today, with a capacity loss of 3mcm.
Gas power demand is strong again today with wind generation lower than seasonal norms.
Solar output is expected to be above seasonal norms for the next few days.