Daily (06.11.2020): European Cal’21 power contracts rose to 10-day highs on Thursday amid stronger carbon

06/11/2020 10:22 Daily


Oil prices declined modestly on Thursday amid persisting concerns about the impact of the new COVID-19 restrictions over global demand and uncertain outcome of the U.S. presidential election.


Hence, Brent crude lost 30 cents, or 0.7%, to settle at $40.93 a barrel. Meanwhile, U.S. WTI crude declined by 36 cents, or 0.9%, to end at $38.79 per barrel.


An expected stronger demand due to colder weather across the UK and weaker wind energy generation spurred British near-term gas prices on Thursday. As a result, the gas price for December delivery surged by 3.9% to 41.37 p/therm. Further along the curve, the gas price for Winter 2021 delivery rose by 1.8% to 42.48 p/therm, tracking stronger carbon prices.


Low wind energy generation provided support to European spot electricity prices on Thursday. Consequently, the German day-ahead power price jumped by 4.9% to 40.54 EUR/MWh, while the French equivalent power contract soared by 3.4% to 40.33 EUR/MWh.


Year-ahead power contracts followed the trend of bullish carbon markets, with the German Cal’21 power trading 3.1% higher at 39.23 EUR/MWh. The similar contract in France settled at 42.89 EUR/MWh, posting a 2.9% gain day-on-day. Both contracts hit their highest levels in 10 days.


European carbon prices surpassed the €26-mark on Thursday amid speculative buying and bullish technical picture, neglecting the deadlocked US presidential election. As a result, EUAs expiring in 2021 climbed by 3.4% to 26.14 EUR/tonne.

UK Energy Suppliers To Pay £10.4m Fine For Overcharging Customers

03/03/2021 09:04:00

Ofgem has this morning charged 18 energy suppliers, including British Gas, Shell, and Scottish Power, a combined £10.4m for overcharging their customers.


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.