Oil price up – DMR

The price of oil has risen, according to npower’s daily market report. It is trading at $64/Bbl (£41) after dropping below $63/Bbl (£40/Bbl) yesterday afternoon. Iran has stored 40 million barrels […]

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The price of oil has risen, according to npower’s daily market report.

It is trading at $64/Bbl (£41) after dropping below $63/Bbl (£40/Bbl) yesterday afternoon.

Iran has stored 40 million barrels of oil at sea to be sold if a nuclear deal is made with the six world powers at the end of the month.

Sarah Astley from npower’s optimisation desk said: “This is not having much of an effect on prices however.

“Eyes are on Tropical Storm Bill which is due to hit Texas today.”

 

The gas system is 17mcm undersupplied and Norwegian flows have dropped to 8mcm.

Dutch flows are at zero however “we could see these pick up this afternoon as they did yesterday,” Ms Astley added.

South flows at 26mcm and two more tankers are heading to the UK in the next week.

Ms Astley went on: “This means current flows from South Hook should continue for the time being.”

There is little change in the power system this morning with the peak margin still healthy.

Wind generation is low however it is forecast to increase through the day. Nuclear generation is also lower as Kent’s Dungeness B-21 has come offline for refuelling.