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.


 

Daily (21.05.2019): European spot power prices soared by around 16% due to firmer consumption

21/05/2019 10:04:00

Oil prices diverged on Monday. OPEC’s intention to maintain output cuts coupled with the escalating tensions in the Middle East sent WTI futures up by 0.5% at 63.10 USD/bbl. Meanwhile, Brent crude lost 0.3% to settle at 71.97 USD/bbl, influenced by the high level of global crude oil inventories.

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Gazprom discovers 2 new fields containing over 500 billion cu m of gas on Yamal shelf

21/05/2019 09:10:00

The Federal Agency for Mineral Resources approved the expert opinions of the State Reserves Commission with regard to the discovery by Gazprom of new hydrocarbon fields on the shelf of the Yamal Peninsula, namely the Dinkov and Nyarmeyskoye fields.

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Vestas gets 249-MW turbine order for Texas project from EDF Renewables

21/05/2019 09:06:00

EDF Renewables has ordered more turbines from Vestas Wind Systems A/S for the 273-MW Las Majadas wind project in Texas, the supplier announced today.

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