Daily Energy Market Report Wednesday 30th Jan 19. Similar to yesterday the NBP has opened 17mcm long with but demand 93mcm above seasonal norms.
Imports via the IUK are 5mcm lower this morning at 21mcm but MRS withdrawals have picked-up by 6mcm and LNG export is 7mcm higher.
Healthy volume of LNG are still scheduled to berth into European terminals over the forthcoming days, alleviating increased demand and storage withdrawals.
Risk premiums remain in place due to potential cold weather from a high-pressure weather system manifesting across Eastern Europe/Western Russia, however this is being combatted by a low-pressure warm weather pattern across the Atlantic.
Immediate weather forecasts are cold, with low renewables and strong demand but it is forecasted to be short-lived and to return to seasonal norms towards the end of February.
API2 coal has ticked-up driven by strong a EU fuel complex, and Brent crude futures rose over 2% yesterday following US sanctions on the Venezuelan state oil company which will remove ~500,000bp/d from supply -very helpful for the oversupplied commodity.
Daily Energy Market Report Wednesday 30th Jan 19 brought to you by British Utilities