Archived Summaries
Monday 14 August 2012
Market Opening
This morning with demand on the UK gas system remaining at just two thirds of the historic norm for this time of year, the supply‐demand balance is relatively stable, in fact forecast deliveries are running slightly ahead of demand this morning. Norwegian deliveries have fallen further to total just 27 MCM today as maintenance on the giant Troll field continues. The return of the Shearwater field from summer maintenance yesterday saw a resumption of flow via Bacton SEAL but no major contribution on this line is likely before year end as repair work following the leak on the Elgin‐Franklin pipeline appears to be progressing more slowly than projected. The prompt market has opened higher again this morning, within day and day ahead trading 0.55p and 0.65p up on last night's closing levels. Oil prices have also strengthened overnight following yesterday's late selloff and Brent is trading 45 cents higher at $114.05 and the oil market again lending support to gas futures. The front month gas contract is up by just 0.25p but the winter months are trading 0.40 to 0.80p higher this morning and the front winter and summer 2013 contracts have gained 0.70 and 0.65p respectively.
