Open Market Snapshot - 29 May 2018

Open Market Snapshot

The Open Market Snapshot is the weekly update that brings commercial energy buyers to up-to-speed with the UK markets in a minute. It's just part of the Market Intelligence we publish every week, including our in-depth Open Market Report and twice-daily notifications in our Open platform.

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> Market Snapshot: 29 May 2018

Currency: Euro vs Dollar

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Economics

  • Italy's cost of borrowing is soaring as the country looks to be heading for snap elections, just a few weeks after a vote that saw eurosceptic parties win.
  • The euro has fallen heavily since Monday due to concerns over Italy (the European Union's third-largest economy) and the fragility of the EU project.
  • The FTSE has fallen noticeably over the last three sessions on the back of general economic gloom, emerging market concerns (Turkey, Argentina), and the situation in Italy.

Brent Crude Daily

open-energy-market-snapshot-brent-crude-20180529

Oil

  • The potential for OPEC and Russia to raise production by 1m bpd in June is currently weighing on oil prices.
  • A strong dollar (safe haven from economic concerns) is also keeping oil prices in check.
  • The US and Israel are meeting today to ratify a joint approach to Iran. The EU, Russia and China are continuing to work to save the Iran nuclear deal.
  • Chart analysis suggests a moderate potential for further slippage in near-term Brent pricing.

UK Gas (Winter '18) - [indicative of the Power Market]

open-energy-market-snapshot-winter-gas-18-20180529

Gas & Power

  • Gas flows to the UK through the Langeled pipeline have returned following maintenance at Norway's Kollsnes processing plant towards the end of last week. However, flows were lower on Monday than at the close of (circa 40%).
  • Injections into European gas storage remain strong. Overall levels are around 7% below previous lows for this time of the year.
  • One LNG cargo is due to arrive into the UK in early June (arriving at Isle of Grain). There is no visibility on future cargoes into the important South Hook LNG facility. LNG arrivals into South Hook are at record lows this summer.
  • Chart analysis suggests some moderate (but developing) potential for medium-term weakness across the seasonal gas contracts.
    Power prices are broadly following gas.

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