Daily (09.01.2019): German spot power contract was 15.9% higher on Tuesday on low wind output

09/01/2019 11:48 Daily

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The strong upward evolution in oil prices on Tuesday was caused mainly by OPEC-led crude production cuts. The bullish trend was also backed by signs of progress in U.S.-China trade talks. Officials of the world’s two biggest economies expressed optimism on resolving the dispute. Brent crude soared by 2.4% to $58.72 a barrel, while WTI crude jumped by 2.6% to $49.78 a barrel. 

The later arrival of colder weather contributed to a rise in British wholesale gas prices on Tuesday, despite stronger flows from Norway and higher LNG supply. NBP spot surged by 5.6% to 59.25 p/therm. In the meantime, the Q3 2019 delivery contract closed 1.1% higher at 53.47 p/therm.

 

European spot electricity prices were mixed on Tuesday. Weaker wind output, colder weather and  higher demand in Germany, led to a 15.9% jump in the day-ahead electricity contract to 40 EUR/MWh. The equivalent French contract was almost constant at 57.76 EUR/MWh, on stable nuclear availability.

 

On the forward electricity curve, prices rebounded on Tuesday, tracking the upward trend in fuels and carbon prices. German electricity contract for delivery in 2020 edged 1.5% higher at 48.57 EUR/MWh. The equivalent French contract traded 1.2% up at 51.64 EUR/MWh.

 

European carbon prices recouped losses on Tuesday after the Monday’s sell-off. The 2019-expiry contract settled 0.6% higher at to 22.84 euros a tonne, but gains were limited by a bearish sentiment.

Daily (17.01.2019): Carbon prices jumped by over 3% on Wednesday following an oversized Polish auction

17/01/2019 11:05:00

Oil prices edged higher on Wednesday, due to OPEC supply cuts and China’s fiscal stimulus signals. However, gains were capped by increasing U.S. fuel inventories and higher crude oil production. As a result, Brent crude inched up by 1.1% to 61.32 USD/bbl, while WTI futures edged 0.4% higher closing at 52.31 USD/bbl.

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OMV in plans for $6bn initial spend to develop Norway oil discovery

17/01/2019 09:21:00

Austria's OMV and partners plan to invest up to $6 billion initially to develop the Arctic Wisting oil find, Norway's northernmost oil discovery, which could start production within a decade, a senior executive said on Wednesday.

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Spain's Diverxia gets govt nod to develop 240-MW solar park in Colombia

17/01/2019 09:17:00

Spanish developer Diverxia Infrastructure has secured a connection approval from Colombia's Energy Mining Planning Unit (UPME) for a 240-MW photovoltaic (PV) project.

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