Daily Energy Market Report Tuesday 18th Dec 18. Soft open on the NBP this morning off the back of weakness in both coal and oil, along with the warmer weather.
Oil prices are falling on concerns over a potential global over supply.
US inventory builds and forecasts of record shale output are fuelling the fire.
Brent is currently trading at $57.83/bbl. at time of writing.
Coal has dropped off overnight to $88.95/tonne at time of writing despite increased utility demand and depleting stocks.
However, Rhine water levels have risen significantly in recent weeks, allowing for the transport of coal via barges, which are replenishing plant inventories.
About weather, there has been no significant change in the forecasts overnight with temperatures expected to remain above seasonal normal for the remainder of the year.
The system is 6mcm long with demand at 275.4mcm, 7.7 mcm below seasonal normal demand.
LNG send out is nominating at 31.1mcm with the UKCS and Langeled nominating at 70.7mcm and 72.1mcm respectively.
On the demand side, LDZ sits at 208.7mcm, with gas for power demand at 50.7mcm.
GBP continues to fluctuate as the Brexit deadlock and challenges against May’s leadership drive the market with the leader of the opposition tabling a motion of no confidence in May yesterday.
Daily Energy Market Report Tuesday 18th Dec 18 brought to you by British Utilities