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

09/04/2019 10:00 Daily

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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.

Daily (18.06.2019): NBP day-ahead climbed by 6.5% on Monday, due to an undersupply in the system and reshuffle of flows

18/06/2019 09:49:00

Crude oil prices declined on Monday weighed by fears of an economic growth slowdown amid international trade disputes between U.S., China and India. However, the recent attack on two oil tankers in the Middle East limited losses. As a result, Brent crude dropped by 1.7% to $60.94 a barrel, while WTI futures lost 1.1% to settle at $51.93 a barrel.

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Scotland grants marine approval to 800-MW Moray West wind farm

18/06/2019 08:42:00

Scotland has given a marine licence to the roughly 800-MW Moray West offshore wind project in the outer Moray Firth Zone, the government announced on Friday.

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Serbia's MK Group to build 8.1 mln euro biomass-fired power plant

18/06/2019 08:39:00

Serbian diversified conglomerate MK Group said on Monday that it plans to invest 8.1 million euro ($9.1 million) in the construction of a biomass-fired power plant in Vrbas, in the northern part of the country.

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