Daily Energy Market Report Wednesday 13th Feb 19. Prices have opened lower on Wednesday, pressured by warmer temperatures, reduced demand and healthy supply outlook.
Total demand fell for the second consecutive day, down to 269.3mcm, which is 16mcm below seasonal normal.
Demand has significantly reduced from start of week as temperatures have lifted considerably and flows into the UK remain strong.
There are 11 LNG cargoes expected to arrive into the UK before the end of February helping to pressure gas prices on the near curve.
Carbon EUA’s shed significant value on Tuesday, with Dec-19 losing ~€1.70 as the UK confirmed that no more auctions would be held on EUA’s.
This sparked a huge sell off with 8% of value taken off the contract in one day.
Brent Crude prices climbed up around $1 on Tuesday, as Saudi Arabia committed to further production and export cuts throughout March, before preliminary results showed that US Crude stocks had surprisingly decreased.
Daily Energy Market Report Wednesday 13th Feb 19 brought to you by British Utilities