Daily Energy Market Report Wednesday 6th June 2018
The UK market saw prices fall on Tuesday as a correction to the recent bullish trend set in.
A significant downward move in the afternoon session saw contracts lose value across the curve.
The UK has opened balanced on Wednesday, just 0.1mcm long, with forecast demand at 148mcm,
36mcm below seasonal norm and 2mcm down from Tuesday’s levels.
Langeled flows have reduced from 32mcm on Tuesday, down to 23mcm today and Bacton and St Fergus witnessed restricted imports.
The UK is expected to hold strong demand for gas burn until the end of next week, as wind generation and renewable energy is expected to remain low.
Conversely, weather forecasts remain confident in warmer weather for the UK, which will reduce gas demand, but could lead to increased air conditioning use.
There is a Groningen debate set for Thursday, in which the Council of State has advised that the local area and resident safety should be prioritised over gas production from the facility.