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 (12.02.2019): European power prices for 2020 delivery tumbled on Monday tracking weaker coal and carbon markets

12/02/2019 11:39:00

Uncertainty about the restart of the trade talks between U.S. and China outweighed the support from OPEC-led supply cuts on Monday. A strengthening dollar put more pressure on prices. Consequently, oil prices retreated, with Brent oil trading nearly 1% down at $61.51 a barrel. WTI futures edged 0.6% lower at $52.41 a barrel.

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Serbia: ready to construct Turkish Stream section

12/02/2019 10:29:00

According to TASS, Serbia is ready to begin the construction of its section of the Turkish Stream gas pipeline running from the Bulgarian border to Hungary, Dusan Bajatovic, director general of national gas company Srbijagas said.

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E.ON UK to raise energy prices by 10 percent from April

12/02/2019 09:54:00

E.ON UK will raise its standard variable energy prices by just over 10 percent from April, becoming the first of Britain’s “big six” energy firms to announce a rise in line with regulator Ofgem’s new price cap.

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