The UK gas system is currently oversupplied, according to npower’s daily market report.
Both gas and power contracts that have traded this morning at up on last night’s close despite the oversupply “amid above average temperatures and strength in the pound”.
The linepack is 23mcm long and there is strong send-out from South Hook at 41mcm, said Sam Hill from the Optimisation Desk.
Wind generation is healthy above 4GW, solar is peaking close to 6GW and CCGT is generating 15GW, providing 54% of the stack.
Mr Hill added: “Initial government data forecasts show US stockpiles rising, which is adding to the oversupply, with oil trading at $47.80/bbl (£36/bbl). The pound has strengthened its value against the euro at €1.185.”