Daily Energy Market Report Monday 12th August 19

Daily Energy Market Report Monday 12th August 19

 

Strong open on the prompt this morning with a short system off the back of planned maintenance and cooler weather.

The back of the curve also saw gains with the back following the front.

The system is 10.4mcm short with both Langeled and UKCS nominating below capacity with planned maintenance at fields delivering into Segal, Karsto and Nyhamna.

LNG send out is nominating at 10mcm with only one LNG cargo heading towards the UK, which is expected to hit Grain on the 14th.

On the demand side, LDZ has strengthened versus Fridays figures to 162mcm of the back of the cooler weather, 57mcm above seasonal normal.

Exports along the IUK are nominating at 18mcm with gas for power demand at 45mcm.

On weather, temperatures are expected to be below seasonal normal in the 2-week forecast with wind generation potentially ramping up later this week and into the weekend.

Brent is currently trading at $58.16/bbl. with a drop in US rig count numbers offering support.

However, the bears are keeping a lid on any gains with the ongoing US/China trade war and global economic slowdown reducing demand.

Daily Energy Market Report Monday 12th August 19 brought to you by British Utilities

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