Daily Energy Market Report Thursday 19th April 2018
UK prices have lifted on Thursday morning despite the UK holding a long system with total demand dropping in comparison to Wednesday.
Oil prices have lifted significantly and colder weather forecasts have played on the market.
The UK has opened 7mcm long with total demand at 179mcm, 53mcm below seasonal averages.
The UK continues to hold comfortable system dynamics despite the ongoing outage at Kollsnes, lasting until 27th April.
Oil prices rose by nearly $3 on Wednesday afternoon following the EIA stock announcements, with results worse than expected in the market.
It had been predicted that there would be a build in crude stocks by 625,000 barrels but actual turnout was a 1.05million barrel draw.
There was a 2.5million barrel Gasoline draw and distillate stocks reduced helping to lift prices to highs not seen since late 2014.
Oil prices were further supported by comments from Saudi Arabia, claiming that they would be content to see Oil prices hit $100, increasing the prospect of further OPEC cuts into 2019 which are pushing up prices.