Daily Energy Market Report Monday 21st Jan 19. The UK system opened 11mcm long this morning, as supply remains strong into the NBP.
Norwegian flows continue at 75mcm, LNG is up at 65mcm and flows into the system through the BBL are at near capacity at 47mcm.
Five LNG cargoes could arrive in British shores by the end of January, which provides a further boost for supply.
Medium Range storage sites remain well stocked, around 90% full.
Total demand for the UK is at 354mcm today, which remains 60mcm above seasonal norm, however front curve contracts has significantly fallen on revisions to weather forecasts.
The UK is now expected to turn milder at the end of this week, turning against the cold spell that was forecast at the back of last week.
The Feb-19 contract has fallen nearly 3p/therm this morning to trade just above 59.00p/therm, as the threat of cold weather is taken out of the market with demand likely to fall as temperatures increase back towards seasonal norm.
Further, out on the curve, losses are nowhere near as pronounced as stronger moves in the coal, Oil and carbon markets ensure prices remain firmer.
Daily Energy Market Report Monday 21st Jan 19 brought to you by British Utilities