Daily Energy Market Report Wednesday 30th May 2018
The UK opened 7mcm short this morning, with demand up 10mcm to 172mcm from yesterday, still remaining 10mcm below seasonal average.
The big change in gas demand today is a fall in wind generation, meaning an additional 16mcm is required for CCGT demand.
The UK is expecting an LNG Cargo into Isle of Grain terminal on June 2nd, with the total capacity of the tanker estimated at 135,000 cubic meters of gas, loaded in Algeria.
The UK opened slightly stronger this morning on the back of increased demand, but strengthened once liquidity improved.
The prompt contracts traded up with WD pushing up above 60p/therm.
Prices were impacted by continued low supply from Norway, with about 53mcm offline due to planned maintenance today.
Coal prices continue to increase in value, adding further support to the back of the UK gas curve.
Some strong FX movement could be seen today as Italian government hold crisis talks due to a political crisis.