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

news

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.


 

Norway's Equinor to start talks with Tanzania over LNG project

05/12/2018 09:33:00

Norway’s Equinor is ready to start talks with Tanzania on developing a liquefied natural gas (LNG) project based on a deepwater offshore discovery, the company said on Tuesday.

<READ MORE

Daily (04.12.2018): Brent crude hiked by 5.1% on Monday, as US-China trade war tensions eased

04/12/2018 11:58:00

Oil prices jumped on Monday, after Qatar decided to quit the OPEC club in January 2019. Furthermore, US-China trade tensions eased as no additional tariffs will be imposed during a period of 90-days. Expectations for OPEC supply reduction also stimulated prices. Brent crude price increased by 5.1% to $61.69 a barrel. Meanwhile, WTI crude gained 4% to $52.95 a barrel.

READ MORE

Norske Shell completes $526m sale of stakes in NCS fields to OKEA

04/12/2018 09:20:00

Royal Dutch Shell’s subsidiary Norske Shell has completed its previously announced NOK4.52bn ($526m) sale of its stakes in the Draugen and Gjøa fields located offshore Norway to OKEA.

READ MORE