Daily (10.04.2019): NBP spot soared by over 10% on Tuesday amid system undersupply

10/04/2019 11:33 Daily


Crude oil prices pared earlier gains on Tuesday, following an unexpected increase in U.S. crude inventories and Russia’s comments on a potential rise in its oil production after OPEC’s meeting in June. However, OPEC-led supply cuts as well as U.S. sanctions against Iran and Venezuela capped losses. Brent crude price edged down by 0.7% to $70.61 a barrel. The same decline was noticed in WTI futures, which ended at $63.98 a barrel.

British wholesale gas prices rebounded on Tuesday, after Norwegian flows through the Langeled pipeline dropped again. Moreover, lower LNG send-out coupled with firmer gas-for-heating demand driven by colder weather left the system undersupplied. The NBP spot price skyrocketed by 10.3% to 42.20 p/therm. In the meantime, the contract price for delivery in Q3 2019 surged by 3.4% to 43.50 p/therm.


Stronger demand due to falling temperatures led to a rise in the European day-ahead electricity prices on Tuesday. The German spot power price jumped by 2% to 42.82 EUR/MWh. Meanwhile, the price for the equivalent French contract hiked by 3.2% to 44.07 EUR/MWh, as a 24-hour strike at hydropower plants could reduce supply.


Along the forward curve, power prices were also bullish on Tuesday, tracking higher carbon, gas and coal prices. The German power contract for delivery in 2020 traded 0.3% up at 49.43 EUR/MWh. The equivalent French contract price added 0.4% to settle at 52.51 EUR/MWh.


The European carbon prices bounced back on Tuesday, nearing the highest level in 10 years, stimulated by hiking gas prices. The price for the 2021-expiry contract soared by 5% to 26.29 EUR/tonne.

Daily (17.02.2020): Oil posts the first weekly gain since early January on potential OPEC further output cuts

17/02/2020 10:46:00

Crude oil futures rebounded on Friday amid easing concerns over the impact of the lethal coronavirus outbreak on the global energy demand. Meanwhile, prices got some support from signals that OPEC and its allies may intervene to prop up the market.


Italy Overtakes Turkey Among Top Russian Gas Buyers in 2019

17/02/2020 09:03:00

Italy overtook Turkey as Gazprom’s second-biggest buyer of natural gas last year, the Russian company said.


Greece to install 3 GW of solar in mining regions

17/02/2020 08:55:00

Greece has announced plans to install two large solar PV parks at mining sites. The investment will come from the national electric utility as part of its new strategy, in line with Greece’s efforts to phase out coal.