Wind generation dropped lower overnight, providing just over 7GW this morning, whilst gas burn generation picks up to provide c. 50% of the stack. #energymarkets
See this week's energy market update - #suezcanal blockages spurred contracts to post weekly gains with #LNG and #Oil supply fears being stoked. https://brookgreensupply.com/insight/https-www-brookgreensupply-com-insight-weekly-energy-market-update-29-03-2021
Gas, carbon, and oil all dip lower this morning, likely helped by news of the #EVERGIVEN being partially dislodged after spending a week blocking the #Suez.
Contracts tumbled across the energy complex last week, despite carbon proving volatile and dragging gas and power pricing with it multiple times across the week. See the full update here https://www.brookgreensupply.com/insight/weekly-energy-market-update-22-03-2021
May 21 Brent is down $0.78/barrel as official data highlighted US crude and fuel inventory rises whilst pauses to Oxford-Astra Zeneca vaccine rollouts in some countries and supply issues in others, is putting strain on-demand recovery expectations.
May 21 Brent is up $0.63/barrel as demand worries persist with a series of European countries suspending vaccinations using Astra Zeneca’s product due to some reported cases of blood clots.
Forecasts of high wind levels for the next 3-4 days led to a fall in gas demand to well below seasonal norms, with wind contributing 33% of generation to the grid this morning.