There has been “robust” gas flows into the UK today from Norway and the Netherlands via the Langeled and BBL pipelines, according to the daily market report.
Liquefied Natural Gas (LNG) flows to the UK are also “very comfortable”, Ben Spry, Optimisation Desk Manager at npower said. Another LNG ship arrived today and three more are forecast for the UK, he added.
The gas system is forecast to close around 20 million cubic meters long and while storage injections currently stand at around 16 million cubic meters, it is forecast to increase next week.
Demand for gas is “very low” – “well below seasonal norm” as very warm temperatures are keeping it suppressed, Mr Spry said.
He added the continued tension between Ukraine and Russia is currently supporting gas and power prices.
Brent oil is also supported at $109.40 a barrel at the moment “ not only on the back of the Ukraine-Russia situation but also on the back of some Chinese manufacturing data that although still in contraction, actually looks like it’s stabilising a little”.
“And as one of the largest oil consumers around the globe, that’s been taken as quite a positive sign”, Mr Spry added.
Looking forward, he said: “There’s some more European manufacturing data out later and also some housing data and some manufacturing data out of the US later this afternoon so keep an eye out on that and the impact they have on the far curve for power and gas.”