Sign in to the Open platform for instant MIHere’s the latest Open Market Snapshot – the weekly update that keeps commercial buyers to up-to-speed with UK energy markets.

It’s just part of the Market Intelligence we publish every week, including our in-depth Open Market Report and the twice-daily market notifications available for every user of our Open platform.

Open Market Intelligence comes straight from our Performance Traders – it’s the same insight that backs our Open Performance Fund and helps our customers locate and secure the best energy contracts, no matter their buying type.

> Market Snapshot: 07 January 2019

Open Energy Market Snapshot

Currency: Sterling vs Euro

MS Sterling 20190107

Economics

  • The resumption of US-China trade talks has given some support to stock and oil markets in recent sessions
  • The US Federal government shutdown has now become the longest in history. The shutdown is adding to the general economic jitters
  • The UK parliament is going to vote on Theresa May’s Brexit deal on the 15th of January with a rejection of the deal looking likely. MPs are however also against a no-deal Brexit. Sterling has traded sideways against the euro since the start of December

Brent Crude Evolution

MS Brent 20190107

Oil

  • Oil prices have risen of late off the back of the recent Opec production cuts and evidence of falling Saudi exports
  • Estimates suggest Iranian oil exports at between 1.3 million and 1.5 million barrels per day currently versus 2.7 million barrels pre-sanctions
  • The influential investment bank Goldman Sachs has revised its average 2019 Brent forecast lower from $70 to $62.50 on resilient US shale production

UK Gas (Summer’19) – [indicative of the Power Market]

MS Summer 20190107

Gas & Power

  • The steady arrival of LNG cargos to the UK is continuing to weigh on the front month gas contract price which in turn is dragging on the seasonal contracts
  • The UK gas system was massively oversupplied on Monday morning (57 mcm long)
  • European gas storage levels are 8% above last year’s levels at this time
  • The two week temperature forecast is mixed with periods of below seasonal normal conditions across the UK
  • Power prices are closely following gas prices

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And performance is key. We not only publish our seasonal results; we’re the only energy consultancy with independently verified historical performance in the energy consulting industry, we’ve outperformed the market for over two years.

Built by industry experts, with the input of energy users, the benefits are clear:

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By | 2019-01-07T15:26:14+00:00 January 7th, 2019|Market Snapshot|