Daily Energy Market Report Monday 11th Feb 19. UK system has opened short this morning, with demand climbing back above seasonal norm after a cold start.
Total UK demand is at 328.8mcm, 40mcm above seasonal average with CCGT lifting and LNG flows falling contributing to the short.
CCGT demand has risen to 83.8mcm on the back of lower wind generation after Storm Erik has passed.
LNG flows into the system have decreased day on day, (32mcm) but supply outlook remains extremely bearish for the market.
Despite a short system the UK market has fallen at the prompt today, with Mar-19 shedding ~1p/therm as mild outlook for February has been forecast in weather models.
Temperatures are expected to climb to 4/5°C above average until 19th February, with February set to hold at/ above average for the month.
The UK has released GDP figures this morning confirming that the economy shrank 0.4% in December and GDP data confirmed that the economy grew 0.2% below the forecast figure pressuring the GBP.
Any losses have been offset by the announcement that the EU and UK will meet for talks raising the hopes of a Brexit deal being made.
Daily Energy Market Report Monday 11th Feb 19 brought to you by British Utilities