Daily Energy Market Report Tuesday 4th June 19
The UK has opened with a short system today, just 3.6mcm short, however this is conservable change to the system dynamics in place to open the week yesterday.
Total gas demand for power on Monday was down at 31mcm, however this has climbed to 58mcm today as wind has dropped off.
This change accounts for a large shift in demand day on day.
Total UK forecast demand for Tuesday is at 191mcm, 23mcm above seasonal norm as temperatures have turned down and wind generation has fallen in comparison to Monday.
All flows remain similar in the UK with Langeled flowing at 74mcm and the IUK continues to export at a rate of 27.5mcm.
Oil prices remain low in comparison to recent weeks, currently priced at $61.22, as global economic slowdown hampers Oil demand.
The OPEC committee are to meet at the end of the month to discuss potentially extending the production cuts currently in place until the end of June.
EUA’s pressured the far curve on Monday and have opened lower day on day with prices falling on the wider energy complex and increased supply.
Auctions taking place this week have increased supply pressuring the EU ETS market and this, coupled with weakness in Oil has helped to offset prices on the far curve.
Temperatures are set to fall just below seasonal norm for the coming week, and therefore demand could be lifted during this period.
Daily Energy Market Report Tuesday 4th June 19 brought to you by British Utilities