Archived Summaries

Monday 06 August 2012
Market Close
 Demand on the UK gas system averaged 175MCM on Monday while forecast deliveries for the day struggled to match demand and the system was 8MCM short at the start of the gas day and still running 5mcm short by the close of business, leading prompt prices higher. Slack Langeled deliveries where primarily responsible for the system deficit on the day as LNG send out returned to over 50 MCM but while the spot price and day ahead where up by 0.85p and 0.65p respectively, remaining prompt and front month prices actually eased slightly on the day. The front winter and summer 2013 where down fractionally but seasonal contracts further out the curve gained as some early spillage in oil prices was reversed and crude oil consolidated Fridays gains with Brent settling at $109.55 a barrel.  The movement in oil was mainly attributable to comments by ECB president, Mario Draghi, which lent more credence to the euros survival and the single currency, moved above 1.24 against the Dollar for the first time in a month.