Thursday 13 February 2014

Gas prices undergo “weakness”

Gas prices undergo “weakness”

Despite UK demand for gas outstripping supply a touch of “weakness” was detected in gas prices by today’s daily market report.

Sarah Marshall, Client Portfolio Manager at npower’s Optimisation Desk said: “This comes as flows from Norway resume to full strength today following an outage yesterday afternoon.”

On top of a milder weather forecast going into next week, this is likely to mean less gas is taken out from the UK’s storage for the rest of the week compared with yesterday.

On the power front, the system remains “very healthy” especially for this time of year she added: “It’s helped by strong wind generation of around 5.5GW and this is expected to continue the rest of today and tomorrow.”

That’s despite a drop in supply from nuclear after an outage at EDF’s Dungeness power plant yesterday.

Brent crude oil dropped to around $108 per barrel as stocks of oil yesterday were higher than expected.

Written by

Bruna Pinhoni

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