Daily (08.01.2019): NBP spot plummeted by 6.5% on Monday due to an oversupplied system

08/01/2019 11:07 Daily


Oil prices surged for the fifth consecutive day on Monday due to cuts in production by OPEC and its allies, as well as the recovery in equity markets. While Brent crude edged 0.5% higher at $57.33 a barrel, WTI crude gained 1.2% to close at $48.52 a barrel. Gains were limited by reduced crude inventories in the US.

A strong bearish trend was seen in British gas prices on Monday, as an oversupplied system due to higher temperatures and lower consumption weighed on the market. Moreover, an LNG cargo from Qatar should arrive on the European continent next weekend. The NBP day-ahead gas price slumped by 6.5% to 56.10 p/therm. Along the curve, the February 2019 delivery contract lost 6.8% to end at 59.26 p/therm.

European spot power prices plummeted on Monday as sharply increasing production from German wind turbines more than offset stronger demand due to more industrial activity after the holiday period. Germany’s baseload price for Tuesday delivery fell 18.2% to 34.50 euros/MWh. The same French position’s price was 7.8% down at 57.80 euros/MWh.

On the electricity curve, prices were dragged down by losses in related carbon and coal markets. The baseload power price for year-ahead delivery in Germany, the European benchmark, decreased by 3.3 percent to 47.87 euros/MWh. The equivalent French contract was 3.1% down at 51.02 euros/MWh.

European carbon prices dropped again on Monday, as the first EUA auction of the MSR period cleared well below market. Consequently, around 6% loss was seen in the 2020-expiry contract, which settled at 22.75 euros a tonne.


France maps 10GW offshore wind vision

17/06/2019 11:07:00

French environment minister Francois de Rugy has outlined today how France intends to meet its new 10GW offshore wind target by 2028.


Britain commits to goal of net zero carbon emissions by 2050

17/06/2019 11:01:00

British Prime Minister Theresa May set a goal for the nation to reach net zero carbon emissions within about 30 years - the 1st major economy in the world to set that kind of goal.


Daily (17.06.2019): German spot power price dropped by more than 26% on Friday due to lower than expected demand

17/06/2019 10:47:00

Oil prices rose on Friday, after attacks on two oil tankers in the Gulf of Oman increased supply concerns. Prices were tempered by worries that trade disputes will lead to higher global oil demand. Brent oil rose $0.7, or 1.1% to $62.01 a barrel. WTI crude surged by $0.23, or 0.4% to $52.51 a barrel.