Daily (06.12.2018): Gas and power prices fell on Wednesday: low demand, warm weather and strong wind generation

06/12/2018 11:27 Daily

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Oil prices slipped on Wednesday, as President Donald Trump expects steady crude flows. Brent crude price edged 0.8% lower to $62.08 a barrel. Meanwhile, WTI crude fell 0.7% to $52.89 a barrel, as losses were limited by potential cuts in oil production.

British gas prices slumped on Wednesday, mainly due to higher temperatures forecasts and weaker demand. Moreover, stronger wind production weighed down on the demand for gas from power generators. Consequently, NBP spot price decreased by 2.2% to 62.60 p/therm. Q1 2019 delivery contract traded 3% down at 64.59 p/therm.

 

On Wednesday, a downward evolution was noticed in European spot electricity prices, caused by robust wind generation and lower demand due to warmer weather. In other words, the baseload price in Germany for Thursday delivery tumbled by 7.5% to 54.75 euros/MWh, while the French equivalent contract lost 3.4% to 57.59 euros/MWh.

 

Electricity prices on the curve also fell on Wednesday, due to a bearish energy complex. The 2019-delivery contract price in Germany dropped by 1.2% to 51.67 euros/MWh. The French equivalent contract was 1.1% lower at 57.26 euros/MWh.

 

Carbon prices collapsed close to the €20 level on Wednesday, as a weak auction could not provide support. Correspondingly, the carbon contract expiring in 2020 ended 5% down at 20.57 euros a tonne.

Daily (03.12.2018): EUAs continued their bullish run on Friday, posting an increase of over 2%

03/12/2018 11:52:00

A stronger dollar and global oversupply put pressure on oil prices on Friday. Nevertheless, losses were limited ahead of the 175’th Summit in Vienna, where OPEC and Russia will potentially talk about measures to reduce output. Brent crude price was 1.3% down at $58.71 a barrel, or more than a 1-year low. WTI crude also fell 1% to $50.93 a barrel.

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Russia, Argentina sign agreement on nuclear cooperation

03/12/2018 09:35:00

Russia and Argentina signed a strategic document, envisaging improved cooperation in the peaceful use of nuclear energy, said Russian company Rosatom on Sunday.

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UK: New 400MW offshore wind farm powers up

03/12/2018 09:26:00

A new offshore wind farm that will generate enough power for around 350,000 homes in the UK has officially been opened.

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