Apollo Energy publishes a daily energy market analysis, focusing on the gas, power and oil markets including a commentary on how the markets close and open. Our analysis provides insight on how the markets are performing and also considers various factors which could dictate price changes in the future.
The analysis also contains a graph which tracks the one-year forward price of both gas and electricity as well as changes to Brent crude oil.
Weak demand supported the UK system yesterday - helping it remain comfortable. At the same time, strong flows from Langeled helped to ease market worries about the extension to the outage on the Norwegian Troll A platform.
Weak demand resulted in a comfortable UK gas system yesterday, which was shown through the drop in storage withdrawals. A clear drop in prices, however, was avoided through the news that the outage on the Troll A platform would continue.
News broke on Friday that the outage at the Norwegian Troll field would last until 1st April (instead of 4th February) - which supported European spot and near curve prices. NBP ICE February 2013 prices rose by 2.01% at close.
The UK gas system sat more comfortably yesterday, with a drop in storage withdrawals after higher domestic production and BBL flows. Pressure was felt after news that the Elgin-Franklin fields are likely to restart in mid-February.
As a result of the unplanned outage at the Norwegian Troll field lasting longer than expected, total gas flows from Norway to Europe dropped yesterday - down 30 mm cm/day compared to last week's levels.