Daily Energy Market Report Wednesday 4th July 2018
This morning the NBP has opened long despite demand being 21.2mcm above seasonal norms, the contributing factor being CCGT demand increasing by 9mcm day – on day.
MRS sites are currently net withdrawing 6mcm and once again, the NBP is acting as a transit country for Norwegian gas, something that will more than likely happen for the balance of summer with high Langeled imports and strong IUK exports to the continent.
Fuels remain supported today following yesterday’s highs as the API2 2019 benchmark hit a five-year high over $91/tonne with a bullish EU power complex supporting the commodity and in the USA WTI crude hit highs not experienced since Nov – 2014, trading over $75/bbl.
Sentiment from the pending trade war between the USA and China has returned to the forefront as the $36bn on US goods come into effect from midnight on the 6th July.