Oil prices above $50/bbl after OPEC deal – DMR

Brent oil is trading at $50.47/bbl (£40.37/bbl) following OPEC’s deal to cut production, according to npower’s daily market report. Yesterday, OPEC members set a production target of 32.5 million barrels per […]

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By Jacqueline Echevarria

Brent oil is trading at $50.47/bbl (£40.37/bbl) following OPEC’s deal to cut production, according to npower’s daily market report.

Yesterday, OPEC members set a production target of 32.5 million barrels per day from January.

The gas market is trading softer this morning on stronger sterling.

The linepack is forecast to close 6mcm short with demand being 88mcm above seasonal normal levels due to colder temperatures.

 

Rodney Johnson from the Optimisation Desk said: “Temperatures are around 1°C below seasonal normal levels for today and latest forecasts are showing temperatures for next week are revised colder although they should be above seasonal normal by Wednesday.”

On the power system, demand is at around 50GW.

Wind is generating 4.2GW and solar is expected to reach 2.3GW.

The French interconnector is flowing into France at 1GW and will flow for only two hours into the UK, peaking at 300MW.

The pound is valued at €1.17.