Archived Summaries

Tuesday 07 August 2012
Market Opening
  Demand on the UK gas system at 179 MCM is ahead of forecast supplies of 166MCM this morning and this has pushed prompt prices up in early trading.  The prompt is up between 0.2p and 0.4p with supplies from Norway at 32MCM but strong LNG send out from Milford Haven of 48MCM is helping to ease the supply position and deliveries via the Balgzand-Bacton interconnector are running at 9 MCM.  Optimism that actions are finally being taken to resolve the Eurozone crisis, a tropical storm on the Yucatan Peninsula that is threatening Mexico's oil production and the impact of last week's news that the oil inventory levels in the U.S. had fallen by some 900,000 barrels have continued the exert upward pressure on oil prices.  Front month Brent is up 48 cent at $110.03 and Nymex is also trading marginally higher and is just up 7 cent this morning at $92.25.  The gas futures market has also moved up with the front months trading up in a range of 30p to 50p and prices for Winter 12 also moving higher by 45p.