Friday 04 October 2019
Demand on the UK gas system has fallen below 200MCM but forecast deliveries are also down and are lagging by 12MCM this morning. Langeled is delivering just 10MCM and LNG send-out
has fallen to 45MCM. Prompt gas contracts have yet to trade, which is not unusual for a Friday, but can be expected to rise unless the system deficit is rebalanced. The gas futures market has changed tack with the front month up by 1.55p while Q1 2020 has gained just under a penny. On the oil market, Brent crude is up by 47 cents to trade above $58.00 again as the market refocuses on geo-political issues and the increasing cost of transporting oil by sea.