Monday 29 June 2020
Crude has dipped below $40.00 a barrel on Asian markets overnight as the market fears renewed demand suppression
due to rising coronavirus infections in many countries, especially the U.S. Brent crude has recovered a little since London began trading and is currently marked up at $40.15 a barrel. As wind generation is forecast at over 10GW for today, or double Friday's contribution, demand on the UK gas system is well below the seasonal norm. Despite restricted Norwegian deliveries due to maintenance, the system is currently forecast 15MCM long. The spot price at the NBP is down slightly but day ahead and near futures gas prices are showing marginal gains.