Daily (09.07.2020): Higher Norwegian flows led to an oversupply in the British gas system on Wednesday

09/07/2020 10:55 Daily


Crude oil prices added momentum on Wednesday, following an increase in U.S. crude imports and a weekly decline in gasoline supplies that indicated an improvement in energy demand. Hence, Brent crude traded 0.5% higher at $43.29 a barrel. At the same time, WTI futures edged 0.7% higher at $40.90 a barrel.

Higher Norwegian flows put pressure on British wholesale gas prices on Wednesday leading to an oversupply in the system. As a consequence, the contract for delivery in Winter 2020 decreased by 0.7% to 34.83 p/therm. At the same time, NBP spot plunged by 8% to 23.10 p/therm, due to stronger Norwegian flows, rising wind output and plentiful LNG supply.


European spot electricity prices extended their gains on Wednesday on an increase in forecasted consumption. Hence, the French prompt power price rose by 0.7% to 41.54 EUR/MWh, while the German equivalent contract added 2.9% to close at 42.42 EUR/MWh.


Further on the curve, power prices weakened on Wednesday, following the decline in carbon prices. The German Cal 2020 delivery contract fell by 1.6% to 42.98 EUR/MWh, while the French equivalent contract was 1.1% lower at 47.71 EUR/MWh.


European carbon prices declined on Wednesday, pressured by speculative trading activity. The price for the contract expiring in 2020 declined by 0.2% to 29.32 EUR/tonne.

Daily (30.07.2020): European CO2 prices rebounded by nearly 2% on Wednesday tracking a stronger auction in Poland.

30/07/2020 13:19:00

Crude oil prices inched higher on Wednesday, following an unexpected drop in US crude inventories. Consequently, Brent crude rose by 1.2% to $43.75 a barrel, while WTI futures increased by 0.6% to $41.27 a barrel.


Eneco, Shell win Dutch offshore wind tender with 759-MW project

30/07/2020 10:56:00

A joint venture between Dutch utility Eneco and oil and gas major Royal Dutch Shell Plc has won the tender for the third zero-subsidy offshore wind farm in the Dutch North Sea, to be built in the Hollandse Kust Noord zone.


Assembly of world’s largest nuclear fusion reactor begins in France

30/07/2020 10:49:00

A total of 35 nations are currently collaborating to build tokamak, a magnetic fusion device, which aims to demonstrate the real potential of fusion as a large scale carbon-free source of energy