Energy Market Update – 12 March 2015
12 March 2015
An unplanned outage at the Norwegian Karsto Facility has reduced imports into the UK this morning, pushing up prompt prices. Whilst the expected arrival of two LNG tankers will help to balance the system, forecasts of colder weather over the next few days have helped to support the bulls. Near curve contracts opened above their previous settlement assessments, but softened through the day’s trading, whilst the far curve found support from Brent Crude at the start of the day but have also softened on trading.
Day Ahead is currently offered at 47.85p / therm (up 0.90p / therm from its previous settlement), whilst Summer 2015 is offered at 44.85p / therm (down 0.15p / therm), and Winter 2015 is offered at 50.40p / therm (down 0.13p / therm)
The UK power system remains comfortable, but the prompt found support from bullish movement in the prompt gas market. The curve has remained relatively flat, with Brent Crude prices lifting, but coal and carbon prices softening.
Day Ahead is currently offered at £41.60 / MWh (up £2.25 from its previous settlement assessment). Summer 2015 is offered at £42.45 / MWh (up £0.04 / MWh), and Winter 2015 is offered at £46.35 / MWh (up £0.08 / MWh)
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