Daily Energy Market Report Tuesday 15th May 2018
NBP contracts have opened a touch lower on the back of a long system and weaker demand, however they have since lifted.
The bullish momentum on the NBP and TTF continues into today despite comfortable system dynamics and below seasonal normal demand.
Unplanned outages at Sleipner and Gina Krog are helping support the prompt whilst stronger oil and carbon prices are supporting both near and far curve contracts.
LDZ consumption is slightly lower at 75mcm with a further decrease of 8mcm in CCGT demand.
IUK exports are at 31mcm with storage facilities withdrawing 9mcm.
UKCS nominations are 132mcm and Langeled nominations are presently at 41mcm.
Oil prices held gains on the back of increased geopolitical risks and the US looks to impose sanctions on Iran and as most OPEC members cut output more than required last month with further cuts predicted.