Daily Energy Market Report Tuesday 22nd May 2018
The NBP has opened higher in morning trading on the back stronger oil and carbon prices.
The system is approximately long 5.1 mcm with demand pegged at 179mcm, 16mcm below seasonal normal total demand.
IUK exports are nominating at 35mcm with storage facilities injecting 4mcm.
UKCS nominations are at 135mcm with Langeled flowing at 47mcm.
There are two outages ongoing presently with the Kirstin outage expected to last until the 29th, which is taking 8mcm offline.
The outage at Kvitebjorn is expected to last until the 26th with a capacity loss of 14.7mcm.
Looking at the most recent temperature forecasts, there is a very warm very warm outlook for the UK again with models looking slightly warmer for next week.
On the power side there is likely to be some air – con/cooling load, however this may struggle to impact gas for power demand because of healthy hydro production and strong solar.
Oil prices have once again extended gains as a new wave of US sanctions on Venezuela stoked concerns over its crude production and as analysts forecast further declines in American stockpiles.