Daily (09.11.2018): Carbon prices gained 25% week-on-week to settle around the €20-level on Thursday in a tight session

09/11/2018 11:17 Daily

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Oil futures continued the bearish run on Thursday, on worries about global oversupply due to the trade war between US and China, the world’s biggest economies. OPEC members stated that a reduction in outputs might be required. Brent crude significantly dropped by 2% to $70.65 a barrel. WTI crude also lost 1.6% to settle at $60.67 a barrel.

An oversupplied system because of robust LNG supplies and weaker demand contributed to a decline in most of the UK gas prices on Thursday. Consequently, Summer 2019 delivery price tumbled by 1.1% to 56.15 p/therm. However, an outage in Norway boosted the day-ahead gas price, with NBP spot rising by 1.6% to 64.00 p/therm.

 

European spot power prices for day-ahead delivery were bearish on Thursday, due to increased nuclear production and weaker demand. The baseload price for day-ahead delivery in Germany slumped by 5.3% to 59.51 euros/MWh. Simultaneously, the French spot electricity contract price shed by 3.9% to 60.52 euros/MWh.

 

Along the forward curve, electricity prices were bullish, following the solid growth in carbon contract prices. The German power contract for 2019 delivery price added 2% to 51.82 euros/MWh, while the French equivalent contract was 1.7% higher at 56.07 euros/MWh.

EU carbon contracts were flirting with the €20-level on Thursday, in another strong auction, posting a 25% gain during the week. The 2019-expiry carbon contract ended 4.9% higher at 19.93 euros a tonne, bouncing back from 6-month lows.

Daily (09.08.2019): Oil prices rebounded by nearly 3% on Thursday, due to a firmer yuan and hopes for additional OPEC output cuts

09/08/2019 11:15:00

Oil prices strengthened on Thursday, rebounding from an earlier low, after Saudi Arabia showed readiness to discuss with other producers about the recent slump in crude prices. The prospect of additional output cuts from OPEC, coupled with a steadying yuan, supported prices. As a result, Brent crude rose by 2.1% to $57.38 a barrel. At the same time, WTI futures spiked by 2.8% to $52.54 a barrel, boosted by a fall in inventories at Cushing, Oklahoma, in the week to August 6.

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Belarus and Russia authorize 3.7% increase in oil transportation tariff as from 1 September

09/08/2019 08:53:00

Belarus and Russia have come to an agreement on raising the tariff on transporting oil across the Belarusian territory by 3.7% as from 1 September, the press service of the Belarusian state petrochemical concern Belneftekhim told BelTa after negotiations on 6 August.

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Iberdrola secures its first 149 MW of solar in Portugal

09/08/2019 08:50:00

Spanish power utility Iberdrola SA confirmed Thursday it had been awarded 149 MW of solar photovoltaic (PV) capacity in Portugal’s recently completed solar auction.

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