Daily Energy Market Report Friday 18th Jan 19. The UK has opened with prices largely in line with Thursday’s close, despite increased demand and cooler weather forecasts.
Again, good length in the system with strong supply fundamentals continue to pressure the prompt despite cooler weather forecast revisions.
The UK is 7mcm long this morning, even with demand at 353mcm, a total of 61.4mcm above seasonal average.
Norwegian flows remain consistent as they have all month at ~74mcm, UK continental shelf supply is up at 86.6mcm and LNG remains high.
With lower wind generation, the total demand for power generation using gas is at 72.4mcm.
Temperatures have turned a touch colder in models overnight with January expected to sit below seasonal norms.
The period 23rd – 27th, January is signalled to lift demand greatest as temperatures are forecast to fall 5°C below averages.
Oil prices ticked up this morning as OPEC production report showed that production fell last month with a decline in 751,000 barrels a day through December.
Daily Energy Market Report Friday 18th Jan 19 brought to you by British Utilities