Archived Summaries

Wednesday 22 August 2012
Market Opening
  Forecast demand is lower than yesterday at 167 MCM and with supplies running at 174 MCM this is easing the pressure on prices with the prompt and near futures lower in early trading.  LNG output remains strong and the three tankers due to make deliveries to the Milford Haven South Hook terminal this week will assist in ensuring that LNG send out continues to play a key role in UK supplies.  Prompt prices are lower by an average of 0.30p with the within day and day ahead lower by 0.40p and 0.30p respectively.  Oil prices are lower with markets looking to the weekly U.S. inventories data on oil stockpiles that will be published later today. Expectations that stocks have risen by 200,000 barrels are easing the pressure on prices.  Attention is also focussed on the meeting to take place later this week between the Greek Prime Minister Antonis Samaras and euro officials to determine if Greece will get an extension of its austerity program.  Front month Brent is lower by 23 cents with Nymex also lower by just 7 cents.  Near futures gas is lower by an average of 0.46p for the months September to December 2012 and Quarter 4 2012 is also down by 0.48p.