Daily Energy Market Report Wednesday 22nd August 2018
The UK opened with a long system on Wednesday morning with stronger flows from Norway and reduced exports keeping comfortable system dynamics.
The NBP was 21.6mcm long this morning with demand pegged at 167mcm, 1mcm below seasonal normal demand.
Norwegian flows from Langeled had increased from 32mcm to 54mcm as Kollsnes finished Stage 1 maintenance bringing an extra 8mcm online.
The IUK is exporting 2mcm less to Europe and UKCS has ramped up following industrial action.
Bullish fuels lifted the curve on Tuesday afternoon as Oil and Carbon prices continued to climb.
Oil prices moved back above $73.00bbl as the API released preliminary figures that US stocks have been drawn down by 5.17million barrels.
This could prove bullish if confirmed by the EIA later this afternoon.
Carbon prices hit multi year highs on Tuesday with futures climbing above €19.00 and lifting ~4% day on day.
The price increase in Carbon credits is pulling gas demand higher as it is a cleaner source of energy opposed to Coal.