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Market Comments (18/05/2012)
The power markets softened again as Eurozone economic sentiment fell again and selling off of front month Brent Crude. Other markets were similarly affected, as investors’ appetite for risk waned coupled with numerous bank holidays across the continent. The carbon market drifted in multiple directions as the lack of traded volumes and mixed sentiment caused OTC EUAS to lift, whilst OTC CERS and ECX EUAS fell. On power the curve saw drops between 30-40p/MWh, whilst further in on the curve, the Front Month lost over 50p to close at £42.32/MWh as influences from both the far curve and prompt created a high downward pressure. The prompt was soft due to high levels of imported power over the interconnectors, as the bank holiday created a surplus on the continent. On supply, Kingsnorth Unit 3 came back online yesterday and 1.7GW of supply is due to come back online in weeks 25 and 27.
Market Comments (18/05/2012)
Thursday saw gas prices fall across all contracts as fear spread surrounding the Eurozone crisis. On the prompt market contracts eased on the back of milder weather forecasts, which have tempered demand. The predicting closing line pack was short across the morning; however by lunchtime the system came closer to balanced. Gas flows through Theddlethorpe dropped down to 0mcm at the start of the session. Withdrawals were needed from Rough storage, flows registered 13mcm during the day. Langeled gas flows remained low during the day, at only 19mcm. Combined LNG send-out ramped up to 72mcm, with the majority of supplies coming from South Hook. Curve contracts took direction from the weakening Brent Crude and economic turmoil that is surrounding the Eurozone. By the close of play from month Brent closed at $107.49/bbl.
