Daily Energy Market Report Friday 4th Jan 19. Bullish open on the NBP this morning predominantly of the back strength in oil.
Brent has risen this morning as the US and China are said to be holding talks to try to resolve the trade dispute.
The cuts agreed in November by OPEC are also starting to affect the market with supply tightening.
The system opened 21.4mcm long with supply outweighing demand.
Supply is very strong at the minute with healthy European imports and LNG send out.
With the BBL flowing at 25.6mcm, Langeled near capacity at 73.7mcm and LNG at 75.1mcm.
Demand is 67mcm above seasonal normal at 356mcm off the back of the colder weather and increased gas for power demand as wind sits below seasonal normal today.
Temperatures are set to remain below seasonal normal throughout the weekend with a rise expected for the start of next week.
Further out, there is high confidence in a cold spell for weeks 3 – 4.
Daily Energy Market Report Friday 4th Jan 19 brought to you by British Utilities