Here's our Open Energy Market Snapshot, the weekly update designed to bring you up-to-speed with the UK markets in a minute.
Just some of the insight our Performance Trading Desk brings to commercial energy buyers every day.
> Market Snapshot: 8 May 2018
Currency: Sterling vs Euro
- UK cabinet tensions are increasing over the potential for a post-Brexit customs union with the EU as a remedy to a “hard border” with Northern Ireland. Boris Johnson has labelled Theresa May’s plans as a “crazy”.
- The euro has continued to weaken against major currencies as the currency block’s economy slows.
- German factory orders slid for a third month in March. Italy may be heading for a repeat election after failed coalition talks .
- Sterling is trading against the euro in the middle of its range for the last 9 months: at 1.1381
Brent Crude Daily
- Donald Trump is likely to make a decision on the Iran nuclear deal late on Tuesday ahead of the 12 May deadline.
- The dollar index has continued to strengthen of late and is helping to keep oil’s upward push in check
- EU states and Iran seem ready to stick to the Iran nuclear deal irrespective of the US decision.
- Chart analysis does not currently identify any sell signals for Brent.
UK Gas (Winter '18) - [indicative of the Power Market]
Gas & Power
- Norwegian North Sea gas maintenance will increase during May. Currently, nearly 70 mcm/day of gas is offline.
- There are currently strong exports of gas to the continent from the UK through the interconnector with Belgium (24 mcm).
- Temperatures are forecast to be near seasonal normal levels across North West Europe over the next two weeks.
- From a chart analysis perspective: the benchmark Winter’18 gas contract is beginning to look overstretched to the upside, but there is no firm sell signal as yet.
- Power prices are broadly following gas.
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