The gas system has opened oversupplied this morning, according to npower’s daily market report.
The linepack is currently forecast to close nearly 19mcm long.
This increase is largely a result of increased Norwegian flows. Langeled pipeline is nominated at 60mcm, which is up 10mcm from yesterday, while UK Continental Shelf flows are nominated at 102mcm.
LNG send-out remains stable at 50mcm this morning. However Gemma Bruce from npower’s optimisation desk said expectations are for flows to drop as cargo arrivals to the UK slow down.
Storage injection nominations are at 26mcm today but they are expected to pick up across the day in order to bring the system to balance.
Ms Bruce added: “We may also see higher exports to the continent via the IUK [Interconnector] pipeline as a result of the current system length.”
The power system is healthy today. Gas-fired generation continues to dominate the stack.
Wind generation is currently contributing 7% of the stack, falling slightly below forecasts once again but is expected to pick up to nearly 4GW this afternoon.
Nuclear contribution remains stable at 23% of the stack. Imports from the continent are contributing to a healthy peak margin of 14GW today.
Oil prices have increased to $48.2 a barrel (£31/Bbl). This is due to an improved Chinese economy.
The pound remains down against the euro across the week with £1 now worth €1.368.