Daily Energy Market Report Tuesday 11th Dec 18. The UK opened with a long system this morning despite demand increasing above 300mcm.
Total UK demand is forecast to reach 308mcm today, with seasonal norms at 278mcm.
Increased consumption is expected this week as temperatures take a dip below seasonal average, with demand like to remain above 300mcm this week.
The GBP took a dive on Monday, as Brexit uncertainty rumbles on.
It was announced on Monday that the expected vote in Parliament on the Brexit agreement was to be postponed.
The Sterling is now exchanging at €1.10 against the Euro.
A stronger Euro incentivises buying at the back end of the UK market.
Cold weather is expected to drive the prompt this week with temperatures expected to remain below seasonal norm.
Demand is forecast to reach 10% above seasonal average by the end of the week, with expectations of low wind generation set to bolster gas demand.
Oil prices eased, ensuring that the weakening Pound muted gains on the curve, as worries over the global stock markets and doubts whether the production cut by OPEC will be enough to stem oversupply-pressured prices.
Daily Energy Market Report Tuesday 11th Dec 18 brought to you by British Utilities