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: 04 February 2019

Open Energy Market Snapshot

Currency: Sterling vs Euro

MS Sterling 20190204

Economics

  • Theresa May has been given the backing of MPs to renegotiate her withdrawal agreement with the EU but Irish and EU officials have said there will be no modifications to the text of the deal
  • The US Fed left interest rates unchanged at its meeting last week and signalled that there will be no further rate rises this year; stock markets and oil were lifted by the news
  • The S&P 500 and the FTSE in London have been buoyed in recent days by the potential for a breakthrough in US-China trade talks

Brent Crude Evolution

MS Brent 20190204

Oil

  • In comments Sunday, President Trump said military intervention in Venezuela was still an option. Venezuela has the world’s largest oil reserves
  • Saudi Arabia is reducing oil exports to the US in order to target US oil inventories which are reported weekly in the globally watched EIA report
  • Soaring US oil production may offset OPEC production cuts and current geopolitical concerns

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

MS Summer 20190204

Gas & Power

  • The correlation between oil and gas markets remains weak as gas focuses on its near term fundamentals
  • The two week temperature forecast shows conditions between 1 and 5 degrees above seasonal normal levels in the UK for the duration
  • 6 LNG tankers are expected into the UK by the 13th of February. Norwegian and Dutch pipeline flows to the UK remain strong and the UK gas system remains oversupplied
  • Power prices are closely following gas prices

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By | 2019-02-08T17:01:35+00:00 February 4th, 2019|Market Snapshot|