Market Report

This morning, prompt gas contracts are trading higher, amid a short intra-day system. NCS flows remain reduced, as a result of maintenance at a Norwegian field restricting production by up to 25mcm until Sunday. Total NBP supply is nominated at c.183mcm, with UKCS, NCS and LNG comprising the majority of flows at c.91mcm, c.46mcm and c.44mcm respectively. Elsewhere, exports to Belgium are currently nominated at c.34mcm, as Rough storage injections are unavailable and the NBP-Zeebrugge basis provide financial incentive for shippers.

Further out, gas contracts are trading lower, pressured by falls in the oil market and strength in the pound sterling. A strong US Dollar has overshadowed growing supply disruptions, leading Brent Crude below $45/barrel.

The UK power market has seen limited activity this morning. Demand is reduced amid warmer weather and increased solar output, with CCGT generation contributing 55% of total supply. Meanwhile, wind generation has reduced to 0.3GW and an unplanned outage at Dungeness B nuclear power station, reduces combined nuclear output to 6.5GW.

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