Daily (08.11.2019): NBP spot jumped by 5.5% on Thursday amid higher demand and weaker Norwegian pipeline supply

08/11/2019 10:11 Daily

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Crude oil prices firmed on Thursday, amid optimistic signs from China suggesting that the trade deal with the U.S. is moving closer to a much-awaited conclusion, raising hopes for a stronger crude demand. Under such circumstances, WTI futures spiked by 1.4% to $57.15 a barrel, while Brent crude inched up by 0.9% at $62.29 a barrel.

Colder weather forecasts and limited renewable power output boosted demand, driving the NBP day-ahead price 5.5% higher at 35.60 p/therm on Thursday. Reduced Norwegian flows lent more support to the spot contract. Meanwhile, UK forward gas prices decreased on Thursday, amid robust storages and abundant LNG supplies, with the March 2020 delivery contract 1.1% lower at 44.18 p/therm.

 

European spot electricity prices rebounded on Thursday, stimulated by a strong decline in wind and solar power generation. The price for the French day-ahead power contract surged by 11.2% to 48.38 EUR/MWh, on expectations for increased demand due to cooler temperatures. Similarly, the German equivalent contract gained 10.3% to close at 47.12 p/therm. 

 

Forward power prices remained bearish on Thursday, influenced by weaker gas futures. The price for the German 2020-delivery power contract retreated by 0.9% to 46.41 EUR/MWh, while the French equivalent contract ended 0.8% lower at 48.92 EUR/MWh.

 

The EU carbon prices edged higher on Thursday, amid mixed fuel prices. However, persistent concerns over downbeat German economic data limited gains. The 2020-expiry contract lost 0.6% to settle at 25.08 EUR/tonne.

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Indonesia’s government signed on Monday a production sharing contract with units of ConocoPhillips, PT Pertamina and Repsol SA for the Corridor natural gas blocks, Energy and Mineral Resources Minister Arifin Tasrif told reporters.

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Daily (11.11.2019): NBP spot jumped by 7.2% on Friday due to colder weather

11/11/2019 11:08:00

Oil prices inched up on Friday despite U.S President Donald Trump not agreeing to decrease tariffs on China, but still accepting a potential deal to be struck by the end of the month. Hence, Brent crude traded 0.4% higher at $62.51 a barrel. WTI futures edged 0.2% higher at $57.24 a barrel.

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