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 (20.03.2019): EU carbon prices fell by more than 3% on Tuesday, due to a bearish energy complex and continued Brexit uncertainty

20/03/2019 10:12:00

Crude prices diverged slightly on Tuesday. On one side, prices were supported by OPEC-led supply cuts OPEC. On the other side, rising U.S. output put pressure on the market. Brent crude edged 0.1% higher at $67.61 a barrel, while WTI crude traded 0.1% lower at $59.03 a barrel.

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UK offshore oil and gas production up by a fifth over past five years

20/03/2019 10:02:00

UK offshore oil and gas production has increased by a fifth over the past five years, following 14 years of decline.

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Ofgem backs 600MW Shetland grid link

20/03/2019 09:57:00

UK energy regulator Ofgem said is it minded to approve construction of a 600MW subsea interconnector from Shetland to mainland Scotland to support renewables expansion.

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