Daily (02.07.2019): NBP spot spiked by 11% on Monday, due to outages at Norwegian gas infrastructures

02/07/2019 10:27 Daily

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Crude oil prices diverged on Monday. WTI futures inched up by 1.1% to $59.09 a barrel, following OPEC’s decision to extend its output cuts by another nine months until March 2020. Prices were also supported by the easing of trade tensions between U.S. and China, as their presidents agreed not to impose further tariffs on U.S. and Chinese goods. However, Brent crude settled 2.2% lower at $65.06 a barrel, due to persistent demand worries stoked by the slowing global economy and surging U.S. crude production.

British gas prices were mixed on Monday. The NBP spot price soared by 11% to 26.70 p/therm, stimulated by a decline in the Norwegian flows due to an unplanned outage at Nyhamna gas plant, which occurred amidst the ongoing maintenance at Troll gas field. Stronger demand driven by lower wind power output and falling temperatures also supported prices. On the curve, the contract for delivery in December 2019 lost 1% to close at 53.28 p/therm, as two LNG vessels are due to arrive in Britain by July 15.

 

Monday saw an increase in the European prompt power prices. The German spot power contract edged up by 0.3% to 33.35 EUR/MWh, as outages at Grohnde and Brokdorf nuclear plants outweighed the bearish influence from the rising wind generation. The price for the equivalent French contract spiked by 16.4% to 33.95 EUR/MWh, due to reduced nuclear availability.

 

On the curve, electricity prices turned bullish, tracking a firmer carbon market, as well as gains in several oil and gas contracts. The price for the German power contract for delivery in 2020 rose by 0.7% to 49.52 EUR/MWh. The same gain was noticed in the equivalent French contract, which ended at 52.07 EUR/MWh.

 

EU carbon prices reversed course on Monday, rebounding from recent lows, in anticipation of a prolific auction week. The price for the contract expiring in 2021 jumped by 2.5% to 27.72 EUR/tonne.
 

Daily (13.08.2019): European carbon prices slumped by over 5% on Monday amid a weaker auction

13/08/2019 10:05:00

Oil prices remained bullish on Monday, on expectations for deeper cuts of global oil supplies that might counterbalance the slowing growth of global crude demand driven by the U.S.-China trade dispute. Brent crude traded 0.1% up at $58.57 a barrel. At the same time, the ongoing tensions between the U.S. and Iran, along with a weakening dollar, pushed the WTI futures 0.8% higher at $54.93 a barrel.

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Coal generation in Europe down 19% in 2019 as phase-outs take effect

13/08/2019 08:42:00

Coal generation in Europe dipped 19% over the first six months of 2019, according to Brussels-based think tank Sandbag.

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Wintershall Dea begun drilling 4 production wells on the Dvalin gas field in the Norwegian Sea

13/08/2019 08:36:00

Wintershall Dea reported today that it has begun drilling 4 production wells on the Dvalin gas field in the Norwegian Sea, getting ready for the start of production in 2020.

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