Daily (12.03.2019): Oil prices soared by 1.3% on Monday on continued OPEC-led supply cuts

12/03/2019 10:17 Daily

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Crude oil prices gained ground on Monday, as Saudi Energy Minister Khalid al-Falih said that OPEC-led supply cuts will unlikely stop before the group meeting in June. Both Brent crude and WTI futures rose by 1.3% to $66.58 a barrel and $56.79 a barrel respectively.

British gas prices declined on Monday as strong output from the country’s wind farms reduced demand for gas-for-power.  However, colder temperatures put a lid on losses. As a result, NBP spot price dropped by 1.1% to 42.40 p/therm, while the Q3 2019 delivery contract traded 1.1% lower at 43.42 p/therm.

 

European day-ahead power prices skyrocketed on Monday, due to lower generation from wind sources and increasing demand. The price for the German spot power contract soared by 358.5% to 36.59 EUR/MWh, while the equivalent French contract traded 64% higher at 39.41 EUR/MWh, influenced by a drop in nuclear availability.

 

Along the curve, electricity prices posted losses, tracking weaker carbon and coal markets. The price for the German power contract for delivery in 2020 dropped by 0.6% to 47.89 EUR/MWh, while the equivalent French contract traded 0.3% down at 51.13 EUR/MWh.

 

EU carbon prices lost momentum on Monday, due to a bearish energy complex and ahead of Brexit votes related to the UK’s future in the EU carbon market. The price for the 2020-expiry contract fell 3.2% to 22.69 EUR/tonne.

Daily (16.05.2019): British forward gas prices rose by almost 2% on Wednesday, tracking the bullish trend in oil prices

16/05/2019 10:36:00

Crude oil prices rose on Wednesday, due to the conflict in the Middle East that could disturb global supplies. Meanwhile, a surprise rise in U.S. crude stocks limited the gains. Brent crude climbed by 0.7% to $71.77 a barrel, while WTI futures settled 0.4% up at $62.02 a barrel.

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Gazprom confirms first gas via TurkStream by December

16/05/2019 09:15:00

Russia's Gazprom expects to send its first gas through the TurkStream natural gas pipeline to Turkey by the end of December, Gazprom's deputy chairman Vitaly Markelov said late Tuesday.

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GE Steam Power and partners synchronize 900MW power unit to Polish grid

16/05/2019 09:03:00

GE Steam Power, Polska Grupa Energetyczna (PGE) and the GE-led consortium partners have synchronized the Opole Unit 6, with 900MW generating capacity, to the Polish grid.

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