Daily (11.02.2019): German spot power prices plummeted by nearly 84% on Friday due to lower demand and rising wind output

11/02/2019 12:00 Daily

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Oil prices rose on Friday, due to the modest support from the news that specific trade issues might be resolved between U.S. and China by March 1. Brent oil climbed by 0.8% to $62.10 a barrel. At the same time, WTI crude edged 0.2% up at $52.72 a barrel.

British wholesale gas prices lost ground on Friday due to lower gas-for power demand, amid higher wind power output induced by storm Erik. NBP spot price dropped by 2.7% to 48.50 p/therm. Further along the curve, the NBP contract for delivery in Q2 2019 slumped by 3.1% to 45.64 p/therm.

 

Lower demand and increased wind power supply led to a dramatic fall in European spot power prices on Friday. The German day-ahead power price plummeted by 83.6% to 6.81 EUR/MWh. The equivalent French contract posted a 28.7% daily loss, settling at 33.78 EUR/MWh, amid stable nuclear availability.

 

On the curve, forward electricity prices extended losses, tracking weaker coal, carbon and gas prices. The German power contract for delivery in 2020 was 2.5% down at 47.83 EUR/MWh, while the equivalent French contract traded 2.4% lower at 50.56 EUR/MWh.

 

Friday saw a weak session on the European carbon market, with EUAs retreating under the pressure of the bearish results on key energy markets. The 2020-expiry contract price plunged by 4.7% to 22.79 EUR/tonne.

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23/08/2019 08:22:00

Swedish Vattenfall opened Scandinavia’s largest offshore wind farm, Horns Rev 3, the company announced in a statement Thursday.

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Daily (22.08.2019): NBP spot surged by 5.4% on Wednesday as the outage at Culzean gas field has been extended

22/08/2019 12:09:00

Oil prices diverged on Wednesday. Brent crude price rose due to a higher-than-expected draw in U.S crude stockpiles, while WTI futures dropped due to continued worries about the global economy. Brent crude added $0.27, or 0.5%, to $60.30 a barrel. Meanwhile, WTI crude lost $0.45, or 0.8%, to end at $55.68 a barrel.

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