The UK gas system has opened roughly balanced just below 2mcm short, according to npower’s daily market report.
Demand is low due to higher temperatures and the unexpected outage at the Norwegian Heimdal plant continues.
Sam Hill from the Optimisation Desk said: “The Bacton UK Interconnector is on exit mode directing close to 50mcm out of the system adding to the shortness in supply.”
On the power system, the peak margin is under 10GW due to a lack of wind generation which is at 400MW.
Imports through the Dutch interconnector have been also reduced to 400MW.
Mr Hill added: “As a result we have seen CCGT pick up to over 17GW contributing to 52% of the stack.”
Brent oil is trading at $46.9/bbl (£35.1/bbl).
Mr Hill went on: “Amid the global market risk aversion and political tensions, US output is also predicted to climb. The anticipated increase in US stockpiles, which will be announced tomorrow afternoon is keeping oil prices closer to $45/bbl (£33.7/bbl).”