Gas demand is higher than seasonal normal levels.
The linepack of the UK gas system is therefore forecast to close below 14mcm short, according to npower’s daily market report.
Norwegian flows through the Langeled pipeline are at 44mcm and nominations via the BBL pipeline are at 15mcm.
Storage facilities Rough and Aldborough are nominating around 6mcm.
South Hook LNG send-out is at 39mcm and a new tanker is scheduled to arrive on the 4th of May.
Sam Hill from the Optimisation Desk said: “Reports suggest that European trader sentiment is now bearish following the recent rally in gas prices. Despite the colder weather, injections into storage have continued and the gas system remains well supplied. With less attractive Asian markets and US LNG online we see further increases of LNG imports into Europe which is further adding to the ample supply.”
Peak power margins are at 11GW despite wind generating at 1GW.
Gas-fired power generation is at 20GW providing 55% of the energy mix.
Mr Hill added: “With colder weather in Europe the French interconnector is importing at 600MW whilst the Dutch one is just below its capacity.”
Oil is currently trading at $47.23/bbl (£32.5/bbl).