Daily (10.01.2018): UK next-month gas contract traded 2.5% higher on concerns that gas production from Groningen field will be cut

10/01/2018 11:34 Daily


Oil prices surged on Tuesday, buyout by OPEC-led output cuts and predictions that U.S. crude inventories have declined for an eighth week in a row. 

Brent crude ended the session up $1.04, or 1.5 percent, at $68.82 per barrel after touching a session peak of $69.08, its highest since May 2015. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose $1.23, or 2 percent, to close at $62.96 a barrel, after hitting its highest level since December 2014 at $63.24.


British wholesale gas prices increased on Tuesday as forecasts for milder weather boosted demand and on concerns that production could be further cut from the Netherlands’ Groningen gas fields. Day-ahead gas price soared by 0.85 pence, or 1.6%, to 53.90 p/therm. Meanwhile, February contract traded 1.33 pence, or 2.5%, higher at 54.42 p/therm. Summer 2018 contract up 0.48 pence at 45.25 p/therm.

European spot electricity prices for day-ahead delivery diverged on Tuesday as expectations for a sharp decline in wind power generation lifted the German contract, while higher nuclear power supply and lower consumption weighed in France. The German baseload power price for Wednesday delivery soared by 37% to 41.33 euros/MWh. The equivalent French contract tumbled by 12.5% to 41.19 euros/MWh.

Along the forward power curve, the European benchmark, Germany’s year-ahead Cal’ 19 delivery contract added 0.3 percent to 36.51 euros, following oil and carbon prices. The equivalent French forward power contract for the coming year traded 0.2% up at 41.26 euros/MWh.

EU carbon prices increased in light volume on Tuesday, recuperating from all the previous day’s losses to rebound from a three-week low. 2019-expiry carbon emission allowances settled 1.6% up at 7.84 euros a tonne.

EU averted about “lost decade” for renewables due to declining costs

15/01/2018 15:45:00

The cost of generating electricity from renewable energies is on the path to attain new lows on the globe, according to projections by the International Renewable Energy Association (IRENA).


Poland reached record gas exports to Ukraine

15/01/2018 11:37:00

According to Polish oil and gas firm PGNiG, Poland’s natural gas deliveries to Ukraine doubled in 2017 to reach over 700 million cubic meters.


EU more reliant on Russian gas despite diversification efforts

15/01/2018 11:09:00

Russian major energy company Gazprom, supplied Europe with record amount of gas, despite cold diplomatic relations between Russia and the European Union.