Daily Energy Market Report 7th June 19
The NBP has opened marginally under supplied this morning as Norwegian imports along the Langeled pipeline have fallen by 21mcm day-on day and demand is currently 12.8mcm above its respective seasonal norms.
Both LDZ demand and power burn notably higher than this time last year and any warm spell that arrives to the UK is forecasted to be short-lived.
The Prompts premium to the Front-month is wide enough for storage sites to optimise withdrawals, seeing 14.8mcm nominated to export today.
The outage at the Kristin field has concluded today and planned maintenance at the Troll field and Kollsnes processing plant is scheduled to commence this weekend.
Although EU ETS contracts have softened seeing the Dec-19 expiry EUA shed ~€0.27/tonne, contracts further along the forward curve have taken direction from a bullish retrace of API2 coal gaining over $1.7/tonne and Oil prices jumping over 2% in yesterday’s session, reversing its trend after nearly hitting 5-year lows following a report that the USA is considering delaying possible sanctions on Mexico.
Have a great weekend.
Daily Energy Market Report 7th June 19 brought to you by British Utilities