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.

EU approves €5bn Polish energy scheme, probes surcharge reductions

16/04/2019 09:01:00

The European Commission has approved a €5 billion (£4.3bn) Polish support scheme for co-generated electricity with surcharge reductions for large energy users.


Siemens Gamesa in final talks for 700-MW-plus offshore wind turbine contract

16/04/2019 08:58:00

Siemens Gamesa Renewable Energy SA said Monday it is in final negotiations with Swedish state-owned utility Vattenfall AB to supply turbines for the Hollandse Kust Zuid (HKZ) I & II offshore wind projects in Dutch waters.


BSOG, partners get green light for development plan of two gas fields in Romania

16/04/2019 08:50:00

Romania-based Black Sea Oil & Gas (BSOG) and its co-venture parthers have received the approval of the country's National Agency for Mineral Resources of their field development plan (FDP) for the Ana and Doina natural gas fields, BSOG said on Monday.