Daily Energy Market Report Tuesday 10th July 2018
The UK opened long this morning with the system at 13.8mcm.
Forecast demand sits at 177.4mcm today, with seasonal average at 171mcm.
CCGT burn for electricity generation has decreased to 54.7mcm from 59mcm yesterday due to a significant increase in wind generation.
An increased cloud cover reducing solar generation has offset the drop.
The IUK flow has fallen by 7mcm, with the UK exporting 45mcm to Zeebrugge.
Rough is nominated to flow at 4mcm with storage facilities net injecting 2mcm.
Norwegian flows through Langeled have decreased to just 35mcm.
Prices opened slightly up on Tuesday morning due to gains in the wider energy complex and reduced Norwegian flows.
Oil prices have climbed $0.80 to reach $78.89 as the threat of supply shortages increased with Oil workers in Norway set to strike later today, coinciding with rising tensions in the Middle East and the impact of US sanctions placed on Iran.
Coal prices have climbed to 5-year highs at $93.60 for 2019 and over $100 for Jul – 18 through Sep – 18 delivery.
Low water levels have made it difficult for barges to transport the commodity up the River Rhine and hydro generation is well below average.
The GBP has taken a significant hit against the Euro this week following the resignation of David Davis and Boris Johnson, falling to a 4 month low.