Gas system long – DMR

The gas system is oversupplied today, according to npower’s daily market report. It is currently forecast to close 4mcm long. Basim Basheer from npower’s optimisation desk said: “A long gas […]

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

It is currently forecast to close 4mcm long.

Basim Basheer from npower’s optimisation desk said: “A long gas system has been the trend for the past few days and given how oversupplied the system was earlier this morning at 18mcm, the system is a bit tighter.”

Flows through Norwegian pipeline Langeled remain subdued at 18mcm but are expected to increase on Monday.

Dutch flows through the Balgzand Bacton Line are still nominated at zero and annual maintenance is planned from 1st September for two weeks so it is unlikely to change.

 

The UK’s Interconnector exports are nominated slightly higher today. LNG flows are also higher with South Hook flowing around 56mcm.

The power system’s prompt fundamentals are “a lot healthier today with wind generation ramping up to 3GW”, Mr Basheer added.

This is reducing coal generation which is currently below 5GW and 15% of the UK electricity stack.

Wind is around 1GW lower than earlier forecasts but is expected to remain stable throughout the day.

Mr Basheer went on: “Other than that the power system remains largely unchanged from yesterday.”

Oil prices have increased slightly after reaching lows of $46 a barrel (£29.33/Bbl) yesterday. It is currenty trading at $46.3 a barrel (£29.52/Bbl).