Daily Energy Market Report Wednesday 29th August 2018

Daily Energy Market Report Wednesday 29th August 2018

 

The UK system has opened slightly long this morning at around 3mcm.

Demand is at 175mcm with seasonal normal 171mcm.

LDZ demand has moved up around 5mcm day on day with temperatures turning cooler.

We are exporting 41.7mcm to Europe along the IUK.

Langeled is flowing at 14.9mcm because of continued Norwegian maintenance and unplanned outages at Gullfaks and Asgard.

Storage withdrawals have also ramped up today with a 10mcm increase day on day to 28.1mcm.

The temperature forecast is relatively unchanged with temperatures expected to drop at the back end of this week but then picking back up above seasonal normal for next week.

Bearish moves in oil, carbon and coal have filtered into the far curve on the NBP has prices have opened lower than yesterdays close.

In addition, news broke yesterday that a planned strike on Sep 3rd was suspended after talks have been agreed between Total and the union surrounding the rig worker strikes.

With further planned strikes in September and October, it is one to keep an eye on which any shutdowns leading to reduced capacity.

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