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: 14 January 2019

Open Energy Market Snapshot

Currency: Sterling vs Euro

MS Sterling 20190114

Sterling versus Euro

Economics

  • Weak Chinese import/export data has set a negative tone for stock markets and oil at the start of the week
  • The US government shutdown has evolved into the longest on record. The shutdown is adding to broader financial market concerns
  • Headlines at the start of the week suggest that no Brexit is likelier than a no-deal Brexit. Theresa May’s Brexit deal is expected to be rejected by parliament on Tuesday. Sterling has maintained its recent gains against the euro. There is typically an inverse correlation between sterling moves and gas price moves

Brent Crude Evolution

MS Brent 20190114

Brent Crude Evolution

Oil

  • Oil prices have fallen below the psychologically important $60 level at the start of the week as the poor Chinese import/export data weighs on prices
  • The weekly CFTC report in the US shows hedge funds have reduced their bets on oil price rises to the lowest levels since Q1’16
  • Venezuela is increasingly in the headlines as the US openly calls for regime change and strengthens ties with Colombia and the new right-wing government in Brazil. Venezuela has the world’s largest oil reserves

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

MS Summer Gas 20190114

Summer Gas 2019

Gas & Power

  • The UK gas system has been consistently and noticeably oversupplied each morning for the last two weeks
  • Frequent LNG cargos continue to arrive in the UK and pipeline flows from the continent, in particular from Holland, have been healthier than expected
  • The “Beast from the East” weather phenomenon is forecast to return to the UK from the 20th of January
  • Power prices are closely following gas prices

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By | 2019-01-14T11:44:29+00:00 January 14th, 2019|Market Snapshot|