Gas system oversupplied – DMR

The UK gas system has opened oversupplied this morning. According to npower’s daily market report, it is forecast to close more than 26mcm long. One LNG tanker, Al Mafyar, is […]

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By Priyanka Shrestha

The UK gas system has opened oversupplied this morning.

According to npower’s daily market report, it is forecast to close more than 26mcm long.

One LNG tanker, Al Mafyar, is due today at South Hook.

There is speculation the LNG tanker Cool Explorer is due to dock at Isle of Grain on 28th August, however this is yet to be confirmed, said Alex Guiot from the Optimisation Desk.

The peak power margin is at 10.5GW today, with wind out-turning as forecast at around 0.7GW.

 

Oil is currently trading at $49.02/bbl (£37/bbl)/

Mr Guiot added: “A little support has come from a surprise fall in Chinese crude inventories but not much. Iraq deputy oil minister has confirmed Iraq will take part in the informal OPEC meeting in Algeria next month in support for fair prices.”

He went on: “The pound went through the €1.17 mark yesterday after positive sentiment from investors whilst weak German data weighed on the Euro.

“The pound is currently changing hands at €1.1720. UK CBI Distributive data and US Unemployment Claims data are to be released at 11am and 1:30pm respectively today, which may provide some more direction to the currencies.”