Daily (09.04.2019): WTI crude at its 5-month high on Monday due to conflict in Libya

09/04/2019 10:00 Daily


Crude oil prices increased on Monday, bolstered by concerns that civil unrest in Libya could lead to a tighter crude supply. OPEC’s production cuts as well as U.S. sanctions against Iran and Venezuela also supported prices. Brent crude price rose by 1.1% to $71.10 a barrel. Meanwhile, WTI futures hiked by 2.1% to $64.40 a barrel, after data showed a drop in the crude inventories at the WTI delivery point in Cushing, Oklahoma.

Monday saw a correction in UK gas prices, as Norwegian flows via the Langeled pipeline were back to the normal level. In addition, robust LNG deliveries into an oversupplied system also put pressure on prices. The NBP spot price plunged by 6.7% to 38.25 p/therm. At the same time, the contract price for delivery in May 2019 slumped by 4.8% to 39.14 p/therm.


European day-ahead electricity prices posted strong gains on Monday, on expectations for a rising demand due to short-term forecasts for a cold snap. The German spot power price soared by 9.6% to 41.99 EUR/MWh. In the meantime, the price for the equivalent French contract spiked by 9.2% to 42.72 EUR/MWh, due to weaker wind power generation.


Along the forward curve, power prices were rather flat on Monday. The German power contract for delivery in 2020 edged 0.2% higher at 49.28 EUR/MWh, amid supportive oil and coal prices. However, the decline in carbon prices and the downside correction on the gas market limited a further rise in prices. The equivalent French contract price was almost constant, trading at 52.28 EUR/MWh.


The European carbon prices reversed trend to retreat from a 10-week high amid signs of an overbought market on Monday. The price for the 2020-expiry contract lost 1.2% to end at 24.62 EUR/tonne.

Total Eren to build 100-MW solar farm in Uzbekistan

18/09/2019 08:50:00

Paris-based independent power producer Total Eren on Friday signed an agreement to invest up to EUR 150 million (USD 166m) in the construction of a solar photovoltaic (PV) power plant in the Republic of Uzbekistan.


US, Russia eye potential nuclear power project in Slovenia - PM Sarec

18/09/2019 08:47:00

Investors from the US, Russia and other countries are interested in the potential construction of a second unit at Slovenia's Krsko nuclear power plant, prime minister Marjan Sarec has said.


Gas discovery in the Norwegian Sea

18/09/2019 08:41:00

Equinor and its partners AkerBP and Wellesley Petroleum have found gas in the Ørn exploration well south-west of the Marulk field in the Norwegian Sea.