Energy Market Update – 4 February 2015
4 February 2015
An undersupplied system saw prompt contracts firm this morning, as unplanned outages at Norways’ Asgard and Troll gas fields exacerbated supply shortness caused by maintenance shutdowns at Sleipner and Entry Segal. The near curve found bullish sentiment from the prompt, opening above previous closing settlements. Contracts further on the curve have started to give back earlier gains, mainly due to downward pressure from the oil markets.
Day Ahead is currently offered at 48.40p / therm, with Winter 2015 offered at 49.80p / therm, and Winter 2015/16 offered at 51.20p / therm.
A decline in wind output has supported gains in the prompt, helped by below-seasonal temperatures set to remain for the rest of the week. The near and far curves have taken their lead from their gas counterparts, with the front three months seeing gains, but prices further out along the curve beginning to retrace opening gains through the day’s trading.
Day Ahead is currently offered at £47.75 / MW, with Summer 2015 offered at £42.00 / MWh, and Winter 2015/16 offered at £46.45 / MWh.
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