Daily Energy Market Report Thursday 29th August 19

Daily Energy Market Report Thursday 29th August 19

 

A heavy Norwegian maintenance schedule is providing some support to the Prompt and Near curve as the behemoth Troll field is currently in a 120mcm outage from 24th August until the 5th September and the Kollsnes processing facility is undertaking a 146.5mcm planned outage covering the same period.

The NBP is set to receive its first LNG cargo into the South Hook terminal in West Wales on the 1st September and a possible second delivery on the 7th of September.

This will help to balance the NBP during the Norwegian maintenance window as LNG stocks are slowing becoming depleted, and if demand gets tight, the NBP will need to rely on MRS withdrawals to help balance the system.

During the Norwegian maintenance window, Russian flows have been healthy and entry via the Mallnow border-crossing point in Germany should increase once more as their own maintenance is set to be completed this week.

Oil prices rose over 1.5% yesterday after a larger-than-expected drawdown to U.S. crude inventories.

Stockpiles fell by 10 million barrels, compared to a forecasted decrease of 2.1 million barrels.

Distillate and Gasoline inventories followed suit; Distillate stocks fell by 2.63mbls vs a 0.918mbl increase and Gasoline fell by 2.09mbls vs a 0.388mbl reduction.

The reduction inventories have alleviated worries for weakening oil demand caused by the US/Sino trade war.

Daily Energy Market Report Thursday 29th August 19 brought to you by British Utilities

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