Daily Market Analysis: 15.06.23

The UK Power and Gas markets closed yesterday and continued with the strong bullish trend. Continued price rises were observed in the energy wholesale market due to low French nuclear power and ongoing summer maintenance in Norway, particularly at Nyhamna.

The increase in air conditioning demand, reduced demand destruction for gas and power due to warmer weather, low wind output, and higher carbon permits have contributed to the price escalation. Furthermore, the extended maintenance in Norway and limited LNG send-out have further driven up gas prices, as indicated by only one vessel berthed at the Port of Milford Haven's South Hook No1 terminal, with no additional LNG shipments expected in the next seven days. LNG exports via the IUK and BBL have roughly both doubled although still lower than we have seen in the early parts of 2023.

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