Daily Energy Market Report Tuesday 13th March 2018
The UK opened 9.3mcm long this morning with the system well balanced, despite demand holding 32mcm above seasonal normal at 310mcm.
Flows into the UK remain strong with Langeled at capacity, BBL is up to 26mcm and storage has turned to injection.
Net injections into storage are currently 4mcm, having been withdrawing 34mcm on Friday.
The colder weather forecasts for upcoming days have eased slightly with revisions suggesting a quicker warm up from the middle of next week.
Models continue to hold the view of cold weather holding this weekend.
Oil prices weakened on Monday, as a report published by the EIA suggested Crude production from seven major US shale facilities is expected to continue strongly, climbing to ~7million barrels a day.
The US Oil stock levels will provide a better insight into this as the weekly results are published on Wednesday afternoon.