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.


Daily (21.03.2019): A sharp drop in crude inventories led to a 2% rise in WTI crude on Wednesday

21/03/2019 10:14:00

Oil prices soared on Wednesday buoyed by U.S. government data that showed a sharp drop in crude inventories due to strong export and increasing refining demand. As such, Brent crude rose by 1.3% to $68.50 a barrel, while WTI futures traded 2% higher at $60.23 a barrel. Still, gains could be limited by concerns on the ongoing U.S.-China trade war and its effects on global demand.


Audax Renovables, Trina ink PPAs for 300 MW of Spanish solar

21/03/2019 09:20:00

Spain’s Audax Renovables on Tuesday unveiled a contract to buy the output of up to 300 MWp of solar parks that Chinese giant Trina Solar Ltd will build in Spain.


Lukoil may sign agreement on new offshore block in Kazakhstan

21/03/2019 09:23:00

Russian energy company Lukoil will be ready to sign an agreement with Kazakhstan on a new offshore project in the Caspian Sea this May, CEO of the Russian oil producer Vagit Alekperov told Tass.