Daily Energy Market Report Wednesday 21st August 19
A bullish open for the September-19 contract TTF, dragging-up forward curves at the NBP neighbouring markets.
The September contract has breached technical levels of resistance supported by both planned and unplanned maintenance alongside marginal support from the EU ETS market -Dec-19 contract has lifted by ~€0.45/tonne since 8am this morning.
Unplanned outages have been posted at Kvitebjørn and Aasta Hansteen on the Norwegian continental shelf removing 2.6mcm and 1.7mcm of respective capacity.
Although the capacity of the unplanned events are relatively small, it is coinciding with planned maintenance at the Troll field where available capacity is steadily decreasing this week from 19mcm today and increasing to 120mcm on 24th August and will remain in place until the 5th September.
Subsequently the Kollsnes processing facility on the Norwegian coastline is also is due to have its capacity reduced by 146.5mcm from 24th August to the 5th September.
Global crude oil prices levelled and gained support from continued optimism that ongoing US/Sino tensions will soften, taking sentiment from rumours of possible concessions.
Optimists perceive that this will provide the stimulus for global markets to avoid a possible recession and increase crude demand.
Daily Energy Market Report Wednesday 21st August 19 brought to you by British Utilities