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: 11 February 2019
Currency: Sterling vs Euro
- The latest round of US-China trade talks has begun in Beijing with a deal in doubt.
- There is the potential for a new government shutdown in the US as border wall talks break down.
- Theresa May has reopened talks with the EU over the Irish backstop, but progress seems unlikely. Sterling remains relatively flat against the euro at circa 1.1406
Brent Crude Evolution
- Uncertainty around Venezuela continues to create a bullish oil market backdrop. The country is under US sanctions and the threat of US military action.
- The Baker Hughes weekly rig count in the US shows the third weekly build in a row with 7 rigs added last week, after 10 rigs were added the previous week.
- A stronger dollar due to its economic safe haven status is helping to keep oil prices in check.
UK Gas (Summer’19) – [indicative of the Power Market]
Gas & Power
- The 2-week temperature forecast has been revised notably higher since late last week, with temperatures up to 3 degrees above seasonal normal levels in the UK for the duration
- There are 7 LNG cargos expected into the UK in the next 4 days as the wave of LNG arriving in the UK continues.
- European gas storage levels are over 15% above levels at the same time last year.
- Power prices are closely following gas prices.
The insight that powers our Open Performance Fund’s market-beating results
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We developed the Open Performance Fund as a new route to flexible energy contracts. It’s a simple model that targets performance, sharing the savings with our customers. A growing number of fund members have confidence in our risk-managed approach as well as our constant performance.
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