Daily (10.06.2020): British near-term gas prices lost ground on Tuesday despite a cut in Norway gas flows

10/06/2020 11:04 Daily

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Crude oil prices edged higher on Tuesday as the extension of OPEC+ output cuts on Saturday counterbalanced worries that resurgent coronavirus cases in the US could hit the oil demand recovery, which is still fragile. Hence, Brent crude for August delivery rose by 38 cents, or 0.9%, to settle at $41.18 a barrel. At the same time, U.S. WTI crude gained 75 cents, or 2%, to end at $38.94 a barrel.

Ample LNG supplies weighed on near-term British gas prices on Tuesday. Despite reductions in Norwegian gas flows to zero, the NBP spot gas dropped by 3.9% to 12.50 p/therm. Longer-term gas contracts lost ground, with the gas price for Q3 2020 delivery 7.4% lower at 13.55 p/therm, despite higher oil prices.

 

Electricity spot power prices in Europe evolved differently on Tuesday, with the German day-ahead power plunging by 14.5% to 31.36 EUR/MWh amid robust renewable energy supply in Germany. On the contrary, the French equivalent power contract increased slightly by 0.8% to 30.07 EUR/MWh due to higher demand.

 

Year-ahead power prices decreased, tracking a bearish energy complex. As a result, the German Cal’21 power dropped by 2% to 38.70 EUR/MWh, while the similar contract in France shed by 1.8% at 46.24 EUR/MWh.

 

EUAs expiring in 2021 settled at 22.82 EUR/tonne, declining by 1% amid weak technical signals.

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

30/07/2020 10:56:00

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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

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