Energy Price Update Report - 16/6/16

Brent has continued to retract, now back down to $48.25. The gas system has opened 36mcm long this morning following yesterdays ramped Langeled flows.
CANARY WHARF, U.K. - June 16, 2016 - PRLog -- The continuing falling oil prices, coinciding with increased flows into the United Kingdom from Norway, saw the NBP (National Balancing Point) lose nearly 3% of its value from this time yesterday.

Langeled Pipeline flows into Easington have sent the UK system 36mcm ( Million Cubic Meters) long, seeing off any potential gains in price from a cooler short term forecast.

Front month Brent Crude Oil is down nearly 75ยข on the close, currently trading around $48.25/bbl, seeing a continuing 6 day trend of losses

Brent Crude hit new 2016 highs last week, almost touching $53/bbl amid supply disruptions, but worries of Britain leaving the EU and US stockpile levels have weighed significantly. Brexit concern has seen the pound weaken and European stock markets hit their lowest levels since February.

The Power Curve mimicked the bearish opening of the NBP, Day to day wind generation levels are expected to be low, and temperatures are below seasonal norms.

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