Oil prices drop – DMR

The price of oil has fallen, according to npower’s daily market report. It is currently trading at $47 a barrel (£30/Bbl). Sarah Astley from npower’s optimisation desk said: “It is […]

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

It is currently trading at $47 a barrel (£30/Bbl).

Sarah Astley from npower’s optimisation desk said: “It is approaching the lows we saw in January. Any move lower will see prices at their lowest level since the crash in 2008.”

Oil lost nearly $2 a barrel (£1.28/Bbl) yesterday evening following data which showed a surprise stock build of 2.6 million barrels.

The UK gas system is currently forecast to close 18mcm long.

 

Flows from the UK Continental Shelf are higher today following the end of maintenance on the Britannia gas field.

Ms Astley added: “Despite the end of the unplanned outage at Troll [gas field], Langeled flows are unchanged at 18mcm as flows are directed to the continent.”

LNG flows from South Hook remain close to 60mcm and another tanker has been confirmed for the UK, taking it up to four. They are due at the end of the month.

The power system remains comfortable with the forecast peak margin remaining above 10GW.

Wind is currently generating 1.5GW and is expected to pick up through the day to a peak of more than 5GW tonight. Nuclear generation remains unchanged at 6.3GW.