Daily Energy Market Report Thursday 22nd August 19

Daily Energy Market Report Thursday 22nd August 19

 

The NBP has once again opened oversupplied an increase of 2.9mcm day on day and demand is above its respective seasonal norms by 16mcm, but this is a decrease versus levels as warmer and most importantly, sunny weather is set to arrive to the UK for the Bank Holiday weekend (Hooray!) and renewables are forecasted to rise.

Total supply in nomination to the NBP has shrunk by 33mcm this morning following a net 10mcm turn-down to UKCS production with notable events being the unplanned outage at Barrow South removing 5.7mcm of capacity, and the 12mcm unplanned outage at the Culzean field has been extended.

Langeled receipts from Norway to Easington have decreased by 28mcm lower day on day thus seeing NBP exports via the IUK to Zeebrugge fall by 5mcm.

Crude oil prices held ground yesterday following EIA data in the U.S posting a larger-than forecasted drawdown in crude stocks however greater than expected build to Distillates.

Daily Energy Market Report Thursday 22nd August 19

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