Daily (07.02.2019): EU carbon prices surged by over 2% on Wednesday, buoyed by rising power prices and a gap in the auction calendar

07/02/2019 11:10 Daily

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Wednesday saw slight gains in oil prices due to a strong U.S. demand for distillate products and a prevailing shortage in the global crude supply. However, gains were capped amidst a stronger U.S. dollar and persisting concerns over a global economic slowdown. Brent crude was up 1.2% at 62.69 USD/bbl, while WTI crude rose by 0.7% to close at 54.01 USD/bbl.

British spot gas prices added gains on Wednesday, due to maintenance works in the Norwegian gas system that affected supply. NBP spot price climbed by 0.8% to 50.65 p/therm. Along the curve, milder weather forecasts put pressure on prices. The contract for Q2 2019 delivery traded 1.3% lower at 47.43 p/therm.

 

European spot power prices plunged on Wednesday, following increasing power generation from wind turbines, and relatively mild temperatures.The French day-ahead power price dropped by 9% to 48.21 EUR/MWh, while the equivalent German contract sank by 13.2% to 44.55 EUR/MWh.

 

On the curve, the market was supported by higher carbon emissions and gas prices. The German power contract for delivery in 2020 traded 2.4% higher at 49.70 EUR/MWh, while the equivalent French contract was up 1.9% at 52.20 EUR/MWh.

 

European carbon prices rose on Wednesday amidst increasing power prices and a gap in the auction calendar. The price for the 2020-expiry contract traded 2.2% higher closing at 24.12 EUR/tonne.

Daily (18.02.2019): WTI crude soared on Friday by 2.2% buoyed by U.S. sanctions on Venezuela and Iran

18/02/2019 11:27:00

Oil prices soared on Friday, buoyed by U.S. sanctions against Venezuela and Iran. At the same time, OPEC-led supply cuts also supported prices. Brent crude settled 2.6% higher at 66.25 USD/bbl, or the highest value this year. At the same time, WTI crude climbed by 2.2% to 55.59 USD/bbl.

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China starts to build world's first space-based solar power plant

18/02/2019 11:16:00

With scientists revealing plans to build the first solar power station in space, China is taking its renewable energy push to new heights, said the Sydney Morning Herald.According to China's Science and Technology Daily, construction of the first experimental space power plant began in Chongqing, southwest China, weeks ago. Li Ming, senior vice president of the China Academy of Space Technology, said China is expected to become the first country to build such a plant with practical value.

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Italian Eni increases oil & gas production in Kazakhstan

18/02/2019 11:06:00

Italian Eni increased its oil and natural gas production in Kazakhstan by 8.3 % in 2018 compared to 2017, Trendreports with reference to the company’s data.

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