Daily (12.04.2019): Carbon prices hit a fresh 11-year peak on Thursday, after the second Brexit extension

12/04/2019 10:21 Daily

news

Crude oil prices declined on Thursday, due to concerns that OPEC might increase its oil production as of July if oil supplies from Venezuela and Iran continue to tighten and consequently support prices. The surging U.S. crude inventories also weighed on prices. WTI futures lost 1.6% to settle at $63.58 a barrel, while Brent crude price dropped by 1.3% to $70.83 a barrel.

British wholesale gas prices were set to recover from the previous fall on Thursday, tracking higher carbon prices, amidst speculations that Norwegian gas supply might be adjusted to better cope with competing abundant LNG flows which drag prices down. The contract price for delivery in June 2019 rose by 2.1% to 38.54 p/therm. NBP spot was 0.1% up at 40.45 p/therm, as gains were capped by robust send-out into an oversupplied system. 

 

The European day-ahead electricity prices inched higher on Thursday. The German spot power contract added 0.4% to end at 44.90 EUR/MWh, due to weaker wind and solar power output. In the meantime, the same gain was noticed in the equivalent French contract, which traded at the same price of 44.90 EUR/MWh, as lower temperatures lifted demand, amid reduced wind generation and steady nuclear availability.

 

Along the forward curve, power prices reversed trend to retreat on Thursday, influenced by the decline in oil prices. The German power contract for delivery in 2020 settled 1.3% down at 50.69 EUR/MWh. The equivalent French contract price decreased by 1.5% to 53.61 EUR/MWh.

 

The European carbon prices were seen in a continuous hike to another 11-year high on Thursday, following the second extension of Brexit deadline, which allowed more time to avoid a no deal withdrawal and thus helped avoid a rush sell-off of EU permits of British companies. The price for the 2021-expiry contract spiked by 4.5% to 28.09 EUR/tonne, in the context of supportive gas and coal prices.

 

Daily (22.05.2019): NBP spot ended down by nearly 3% on Tuesday due to higher Norwegian flows

22/05/2019 11:33:00

The outlook of a tighter supply fuelled by the growing tensions in the Middle East and OPEC’s constant commitment to cut output supported oil prices on Tuesday. Meanwhile, gains were capped by the lengthy U.S.-China trade dispute and its bearish impact on the global economic growth. Brent crude price edged higher by 0.3% to 72.18 USD/bbl, while WTI futures were only 0.1% up at 63.13 USD/bbl.

<READ MORE

Serbia aims to complete Bulgaria-Hungary gas link by Dec 18 - energy min

22/05/2019 08:48:00

Serbia plans to complete the construction of a natural gas pipeline from the border with Bulgaria to the border with Hungary by December 18, energy minister Aleksandar Antic said on Tuesday.

READ MORE

Zennor completes North Sea wells

22/05/2019 08:36:00

Independent UK oil and gas firm Zennor Petroleum announced Tuesday the completion of drilling and testing operations at the Finlaggan field in the North Sea, Kallanish Energy reports.

READ MORE