Daily (10.09.2019): NBP spot spiked by 6% on Monday, boosted by higher demand and firmer oil prices

10/09/2019 11:25 Daily

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Oil prices extended gains on Monday, after the new Saudi energy minister assured that his country will keep limiting oil production in order to help the oil market reach a better balance. As a result, WTI futures hiked by 2.4% to 57.85 USD/bbl, while Brent crude ended 1.7% higher at 62.59 USD/bbl.

British wholesale gas prices were mixed on Monday. The NBP spot price soared by 6% to 26.50 p/therm, as falling temperatures raised residential consumption. Moreover, a sharp decline in wind generation boosted gas-for-power demand. Firmer oil prices also supported the market. On the other side, the November 2019 delivery contract inched 0.8% lower at 42 p/therm, weighed by bearish carbon prices and upcoming LNG arrivals.

 

European spot power prices continued their upward evolution on Monday amid rising consumption due to a drop in temperatures below seasonal norms in the region. The German day-ahead power price climbed by 2.5% to 36.82 euros/MWh, while the French spot electricity contract posted a 8.6% hike, closing at 35.60 euros/MWh.

 

Further on curve, electricity prices also remained bullish on Monday, influenced by gains in several gas contracts, as well as by higher coal and oil prices. The German Cal20 delivery contract traded up by 0.2% at 47.92 euros/MWh. Similarly, the French equivalent advanced by 0.3% to 49.75 euros/MWh.

 

European carbon prices edged down on Monday amid surging auction supply and current political worries. The 2019-expiry contract settled 0.2% lower at 25.02 euros/tonne, with gains being capped by firmer coal prices and the upward movements in several gas contracts.

Zimbabwe hikes average electricity tariff by 320% - energy regulator

09/10/2019 13:25:00

Zimbabwe has increased the average electricity tariff by 320% to let the state power utility ramp up production and improve supplies at a time of daily rolling power cuts, the national energy regulator said on Wednesday.

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Daily (09.10.2019): European carbon prices reached EUR 23 a tonne on Tuesday, on worries over Brexit negotiations

09/10/2019 10:50:00

Crude oil prices traded lower on Tuesday, after Donald Trump reported that a quick trade deal will unlikely happen soon. Meanwhile, oil prices were supported by protests in OPEC members Iraq and Ecuador, which threatened to disrupt their oil output. Hence, WTI futures fell by 0.2% to $52.63 a barrel, while Brent crude edged 0.2% down at $58.24 a barrel.

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Ukraine to export natural gas to Moldova without Gazprom's involvement

09/10/2019 09:28:00

The Cabinet of Ministers has instructed NJSC Naftogaz of Ukraine to take measures to ensure natural gas exports to Moldova without the involvement of Russia's Gazprom.

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