Daily Energy Market Report Thursday 7th March 19. Forecasts this morning are showing warmer revisions and this is starting to eat into remaining cold weather risk remaining in the market.
Temperatures are set to deliver above seasonal norms moving into next week, this should bring greater levels of solar generation alas lower wind levels.
Day-on day demand remains below seasonal norms and the system is only 8.9mcm long this morning, 12.3mcm lower than yesterday.
CCGT demand has fallen by 8.8mcm and Norwegian entry has ticked down by 9mcm at the open as planned outages at Sleipner, Oseberg facilities have commenced for the next two-day removing 15mcm of supply, this is on-top of a 7.8mcm outage at Gullfaks.
With the exception of Crude, the energy complex remains bearish driven by coal and EU ETS contracts, thus adding weight to the curve.
Both WTI and Brent have ticked upwards following mixed data yesterday afternoon; US crude inventories posted a sharp build however, this was combated by a large draw to Gasoline and Distillate stocks.
Daily Energy Market Report Thursday 7th March 19 brought to you by British Utilities