Daily Energy Market Report Friday 15th Feb 19. The UK system is once again long this morning, as demand weakens amid milder weather.
Total demand for the UK has fallen to 257.6mcm today, 24.8mcm below seasonal average.
With reduced demand and good supply, the UK opened 8.6mcm long this morning.
Three LNG cargoes are set to arrive in the UK today, one at each of Grain, South Hook and Dragon terminals as LNG flow remains strong this winter.
CCGT demand for power generation is down to just 47mcm today, helping to weaken demand at the prompt.
The temperature outlook for February remains positive with temperatures to hold 4-5°C above seasonal normal for the coming week, and some upward revision in the long term for the end of February also pressuring the curve.
The GBP took a dive on Thursday against Euro and Dollar in the run up to the latest round of parliamentarian voting on Brexit.
The GBP lost ~€0.70 against the Euro as the threat of a no deal Brexit seemed to edge close as Theresa May lost another round of voting.
Brent Crude lifted to a 2019 high, briefly climbing above the $65/bbl. mark buoyed by OPEC production cut compliance and US sanctions on Venezuela, which is forcing supply restrictions.
Further gains were offset on the curve by weaker Coal and Carbon.
Daily Energy Market Report Friday 15th Feb 19 brought to you by British Utilities