Daily (02.12.2020): Oil prices continued to slip on Tuesday OPEC uncertainty

02/12/2020 09:08 Daily


Crude oil futures continued to slip on Tuesday as OPEC's decision to end a meeting on Monday without a decision on its production plans for 2021 and delay a meeting set for Tuesday until later in the week, weighed on prices. Hence, Brent crude lost 0.4% to settle at $47.42 a barrel. At the same time, U.S. WTI crude ended at $44.55 a barrel, posting a 1.7% drop day-on-day.

NBP spot edged 0.3% lower to end at 42.25 p/therm on Tuesday amid comfortable system due strong LNG deliveries and import flows from Norway despite colder temperatures. Along the forward curve, the gas price for year-ahead delivery declined by 0.7% to 38.00 p/therm, tracking lower oil and carbon prices.

European spot electricity prices rallied on Tuesday, as weaker renewable generation and colder temperatures lifted demand for power. Thus, the German day-ahead power jumped by 37.8% at 73.99 EUR/MWh, while the equivalent power contract in France closed at 74.29 EUR/MWh, notching a 33.7% surge on a daily basis.

Year-ahead power prices increased modestly despite bearish carbon and oil markets. The German Cal’21 power rose by 0.6% to 43.19 EUR/MWh, while the French Cal’21 contract added 0.1% to 46.64 EUR/MWh.

EUAs expiring in 2021 dropped by 0.9% to 29.07 EUR/t on Tuesday, curbing considerable gains reached  in November due to profit-taking. However, a cooler weather, an undersupplied system and wider market strength are  expected to bright further support to carbon prices.

Daily (02.03.2021): Oil prices fell sharply on Monday amid jitters that OPEC will raise output

02/03/2021 09:24:00

Crude oil futures extended losses on Monday amid supply concerns ahead of the OPEC+ key meeting on Thursday, rising output from Venezuela, and weak crude demand from China. Hence, Brent crude settled at $63.69 a barrel, dropping by $2.44, or 3.7%. Meanwhile, U.S. WTI crude fell by 0.86 cents or 1.4%, to end at $60.64 a barrel.


Lithuania to start supplying LNG to Poland next year

02/03/2021 08:57:00

Lithuanian state-controlled energy company Ignitis Group will start supplying liquefied natural gas (LNG) to Poland next year when a new pipeline between the two countries comes online, its CEO said on Monday.


ENA brings more flexibility to the grid with contract update

02/03/2021 08:53:00

The Energy Networks Association (ENA) has updated its standardised flexibility contract used across the energy sector to offer more transparency and increase accessibility.