September News

Oil has moved higher as U.S dollar weakened, however the European debt crises
continue to provide additional downside, triggered by softer equities markets.
Meanwhile, gas and power far curve prices are little changed pressured by the
slight gain recorded in oil. Despite a somewhat short gas system this morning,
prompt NBP prices edged lower. Meanwhile, the power system is over 3GW tighter
relative to last Friday; however it seems that it has only influenced day-ahead
prices thus far. Outlook for below SNT temperatures this week underpinned price
losses along the near gas and power curves.

The power system is a bit more comfortable in the afternoon after showing its lowest supply margin since the end of August.
Also healthy interconnector supply supports margin levels offsetting lower than
previously forecast wind output, supporting prompt prices. The gas system is
also looking comfortable, with demand low and Kollsnes on maintenance. Brent
Crude hasn't moved since this morning's report, remained firm on rebounding
U.S. dollar. Power and gas curve contracts have responded with similar
limited movements in the afternoon.