Gas system oversupplied – DMR

The gas system is oversupplied today and prices are flat, according to npower’s daily market report. Exports through the Interconnector have been slightly reduced due to the National Balancing Point strength yesterday. […]

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By Jacqueline Echevarria

The gas system is oversupplied today and prices are flat, according to npower’s daily market report.

Exports through the Interconnector have been slightly reduced due to the National Balancing Point strength yesterday.

The linepack forecast is long today at 7mcm.

Tim Carter, Client Portfolio Manager at npower said: “Langeled flows have been reduced as a result of the impact of an outage in Norway having been expanded to 11mcm from 6.6mcm.”

Storage injections and LNG sendout from South Hook have also fallen.

 

The power system is forecast at around 13GW today, with solar generation predicted to fall to 3.4GW and wind expected to rise to 5GW by Friday.

“Coal is on par with nuclear generation contributing to 22% of the stack each, with CCGT the dominant source again with 37%”, added Mr Carter.

The oil market has recovered, with Brent now trading above $64/bbl from $63.5 yesterday.

Mr Carter said: “There is also some support from western diplomat’s comments which suggest a nuclear deal with Iran was unlikely by the 30th June deadline and therefore the prospects of sanction relief and additional market supply are diminishing.”