Daily Energy Market Report Thursday 9th August 2018
Cooler climes are set to arrive next week as temperatures edge closer to seasonal norms bringing higher wind levels.
Alas, this will be short lived as calm, dry and warm weather is due to arrive towards the end of next week.
The NBP has opened 17mcm long vs 4mcm yesterday with demand falling 4mcm below seasonal normal levels.
Langeled imports are currently nominated at 55mcm a 10mcm increase day – on day as Norwegian exports to Continental Europe are down this morning; IUK exports have opened with no change at 35mcm to Zeebrugge.
LNG nominations from South Hook have risen 2mcm in anticipation of the Al Aamriya arriving tomorrow from Qatar and UKCS nominations are up 11mcm with the return of Bacton Seal following maintenance.
Yesterday’s losses in the oil markets added weight to forward curves as trade disputes between the China and the USA continue to escalate.
Chinese import data detailed falling energy demand thus signalling fear for investors into the two largest global economies, which would slash energy demand.
Downward movement was compounded by EIA data reporting a 1.4mbl reduction in crude stocks vs a 3.3mbl forecasted reduction alongside a surprise gain in Gasoline and distillates.
The weakness in the oil and EU power markets filtered into the coal applying downwards pressure on markets.