Demand for gas remains high today as the cold weather continues, according to the daily market report.
Ben Spry, Optimisation Desk Manager at npower said: “We got a very long gas system this morning at 20 mcm (million cubic meters) long and that’s pressuring prompt prices. We’ve got high consumption, a lot of demand around today as it continues to be quite chilly.”
Similar to yesterday, Norwegian and Dutch pipeline flows remain “pretty steady”, he said.
There’s relatively low wind power today but overall the electricity system is comfortable: “Power generation is very comfortable on the peak margin, around about 12 gigawatts. CCGT (combined cycle gas turbine) nomination is a little bit higher, about 15 mcm.”
Prices remain fairly flat today and power follows the gas price trend, being slightly weaker.
Oil prices are $49.50 a barrel as of yesterday’s close.