Bullish supply and demand fundamentals (including reduced imports from the Netherlands and a fall in UKCS flows) have not prevented prompt prices from falling slightly today. The system is currently 30mcm / day in deficit, but demand is below seasonal norms as temperatures remain mild. Day Ahead is currently offered at 55.75p / therm, a fall of 0.05p / therm from last night’s close. The front month has also fallen 0.34p / therm from its previous settlement as two LNG shipments are due to dock in the UK tomorrow. Summer ’15 is offered at 52.25p / therm, a fall of 0.12p / therm from last night’s close.
A mixed picture has emerged today as bullish and bearish fundamentals compete for dominance. Outages at a number of gas-fired generation plants and at Torness 2 nuclear plant have been largely balanced by an upturn in wind generation and the scheduled return of the Dungeness B-21 nuclear reactor. The front month contract has lost 15p / MWh in trading, whereas Jan ’15 has gained 19p / MWh. Day Ahead is offered at £49.85 / MWh, and Summer ’15 is offered at £48 / MWh.
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Trident shortlisted for seven TELCA 2021 awards
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