Gas system long – DMR

The gas system has opened oversupplied for the first time this week, according to npower’s daily market report. The linepack is currently forecast to close 3.8mcm long. Norwegian flows through […]

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The gas system has opened oversupplied for the first time this week, according to npower’s daily market report.

The linepack is currently forecast to close 3.8mcm long.

Norwegian flows through Langeled are nominated at 18mcm but it is currently flowing at just 13mcm.

Alex Guiot from npower’s optimisation desk said: “This could impact the linepack later today if levels don’t pick up and nominations are revised lower.”

The Balgzand Bacton Line (BBL) continues to be inactive with exports to the continent via the Interconnector at 24mcm. Mr Guiot added: “This is in line with where we have been seeing them recently.”

LNG send-out also remains stable at 28mcm and is expected to maintain this level until the end of the month. Another cargo is now confirmed to arrive on 24th July.

 

Wind is generating 580MW but is forecast to out-turn 5.6GW this afternoon and tomorrow.

Solar is forecast to “remain very healthy” with 4.1GW of generation.

As a result of high renewable feed-in, CCGT demand is lower providing 42% of the stack.

The French and Dutch interconnectors are importing at full capacity.

Mr Guiot went on to say: “Oil prices have firmed this morning as US crude inventories have fallen from last week.” The oil market is currently trading at $57.10 a barrel (£36/Bbl).

Greece approved the bailout agreement in a parliamentary vote yesterday. Mr Guiot said: “[This is] a move which has resulted in clashes between the police and the Greek people who have taken to the streets to protest the decision.”

The pound continues to hold its strength against the euro, now 3.21% higher than last week with £1 worth €1.43.

Mr Guiot added: “This is helping pressure prices on the curve with seasonal power and gas contracts trading below last night’s close although activity on the power market has been limited so far.”