Daily (08.11.18): Carbon prices surged by 6% around the 19-euro levels on Wednesday in a strong auction

08/11/2018 10:39 Daily

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Record U.S. crude production and increased concerns of a global oversupply put pressure on oil prices on Wednesday. US sanctions against Iran failed to support the market, as waivers have been offered to 8 eight countries, including three of the world's major importers, allowing them to continue acquiring Iranian crude for six months. 

Brent crude oil futures was 0.1% down at $72.07 a barrel. WTI crude futures fell by around 1% to $61.67 per barrel.

 

Expectations for cooler weather and stronger demand for heating contributed to a rise in British wholesale gas prices on Wednesday. Moreover, reduced flows from Norway due to an outage at Kollsnes gas processing plant also boosted prices. NBP day-ahead gas price surged by 4.1% to 63.00 p/therm. Further along the curve, Summer 2019 delivery contract traded 1.8% higher at 56.74 p/therm.


European spot power prices for day-ahead delivery soared on Wednesday, backed by lower renewables generation and forecasts for a boost in demand due to colder weather. German baseload spot electricity price for Thursday delivery gained more than 12.3 percent to 62.87 euros/MWh. In the meantime, the French equivalent contract added 10% percent to 62.96 euros/MWh.


On the year-ahead electricity curve, prices tracked the bullish evolution in carbon, coal and gas markets. German Cal’19 baseload power, the European benchmark, jumped by 2.6% to 50.79 euros/MWh. The French Cal’19 contract gained 2.7% to end at 55.14 euros/MWh.

 

European carbon prices hiked above the €19-level on Wednesday in a strong auction, reinforcing bulls’ confidence. The 2019-expiry contract closed 6% higher at 19 euros a tonne.


 

Russia and Rwanda to cooperate in nuclear power

06/12/2018 09:04:00

Russia and Rwanda have signed an intergovernmental agreement on cooperation in the use of nuclear energy for peaceful purposes. It was signed today in Moscow by Alexey Likhachov, director general of Russian state nuclear corporation Rosatom, and Claver Gatete, Rwandan minister of infrastructure.

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UK-Belgium power link launched

06/12/2018 08:58:00

The Nemo subsea power interconnector that links the UK and Belgium has officially been launched.

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Daily (05.12.2018): NBP spot price dropped by 3.3% on Tuesday due to warmer weather and oversupply

05/12/2018 11:34:00

Oil prices gained further momentum on Tuesday, on expectations for supply shortages, a subject to be discussed at the meeting between the OPEC and Russia in Vienna on the 6th of December. Brent crude price traded 0.6% higher at $62.08 a barrel. At the same time, the cut in Canadian production in the efforts to help OPEC limit oversupply also boosted prices. WTI crude surged by 0.6% at $53.25 a barrel.

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