Daily Energy Market Report Wednesday 13th June 2018
The UK opened 12.6mcm short on Wednesday morning, shortening throughout the early session moving to 15mcm short.
Total UK demand is 161mcm today, remaining 18mcm below seasonal average.
Wind generation has picked up today and is expected to be strong tomorrow and Friday, reducing the demand for gas.
Oil prices closed up on settlement on Tuesday, but prices significantly weakened overnight as reports published confirmed US inventories had built by 830,000barrels for the week.
Russia, Saudi Arabia & the US are all increasing production meaning that the top 3 Oil producing countries are increasing supplies.
Eyes will look forward to the OPEC meeting on June 22nd to see if the OPEC committee enforces any further production cuts.
The far curve was pressured by a strong GBP as UK employment figures proved positive with a 36,000 improvement than forecast.
It was around the same time as German and Eurozone economic data was published with results worse than expected leading to a strong day for GBP.
The IUK is offline now for maintenance until June 28th with storage injection already nominated at 45.2mcm for today.