This morning, wholesale gas contracts are trading higher, in line with a reduction in Norwegian supply. Norwegian supply is down this morning, with production from the Aasta Hansteen reported to be cut today and tomorrow. The unplanned outage is expected to last 3-4 days, impacting mostly UK imports via the Langeled pipeline. LNG flows are sent from the South Hook terminal is not expected to receive any more cargoes for the remainder of February.
Further out, forward wholesale gas contracts are trading higher as the oil markets appear to be going up. Oil markets have reached 2019 highs, due to supply cuts led by OPEC and US sanctions on Iran and Venezuela. Saudi Arabia is expected to reduce shipments of oil to Asia in March in an attempt to tighten oil markets. Meanwhile, the pound sterling has weakened against the euro.
Electric
The UK electric market remains the same, cheap levitra pill with no movement up or down. The UK power curve continues to take sentiment from carbon prices, with carbon contracts trading close to their lowest levels since the end of last year.
Renewables
Renewable electric is generating just over 29% of the electric in the UK today.
Today – 15th January 2019
This months gas contracts have fallen lower due to oversupply. Homes aren’t using as much gas as expected currently but that’s predicted to rise with colder weather coming at the end of the week.
Longer term gas contracts are also lower due to oil prices having fallen even more. China is experiencing an economic slowdown and as they are the second largest users of oil – that affects the whole market.
Electric prices remain the same, with no movement near term expected.
Get in touch with me at hamed@hamed.energy for more information or if you’d like to know how this affects you.
