Daily Energy Market Report Thursday 9th May 19. The NBP has opened 21.5mcm short this morning, a 29.8mcm change day-on day whilst demand has increased by 25.9mcm this morning, currently 78.4mcm above seasonal norms as temperatures are cold across much of the UK and continent and wind generation remains low.
A main contributing factor to the undersupplied system is Norwegian imports turning 15mcm lower this morning as planned maintenance continues, however there is currently a 27mcm unplanned outage at the Oseberg field with an expected duration of 5days for ‘corrective maintenance’.
To bridge the gap MR storage sites ramped up withdrawals this morning to 12mcm, UKCS sites are producing 2mcm higher day-on day and IUK exports to Zeebrugge are 2.6mcm lower this morning.
EU ETS contracts continue to provide support to the curve showing a gain of €0.5/tonne this morning, and API2 coal has opened $2/tonne higher versus yesterday’s open following the bullish movement of EUAs and EU power market strength.
Daily Energy Market Report Thursday 9th May 19 brought to you by British Utilities