Daily (12.10.2018): NBP spot price plummeted by almost 9% on Thursday, due to an oversupplied system

12/10/2018 11:24 Daily

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Oil crude prices ended lower on Thursday, following a drop in global stock markets, as the Dow Jones took its biggest plunge since February on Wednesday. Moreover, the investor sentiment was affected by an industry report, which revealed an unexpected rise in U.S. crude oil supply. Consequently, the WTI crude closed 3% down at $70.97 a barrel, while Brent oil fell by 3.4% to $80.26 a barrel. 

British wholesale gas prices were strongly bearish on Thursday, as a dip in oil prices and above average temperatures coupled with a high wind supply curbed the demand for gas. NBP spot price plunged by 8.7% to reach 71.50 p/therm. Further along the curve, the Summer 2019 delivery contract settled 2.1% lower at 59.69 p/therm.

European spot power prices were mixed on Thursday. As such, the electricity price for day-ahead delivery gained 4.5% to settle at 56.77 EUR/MWh in Germany, due to anticipations of a fall in wind power output. Meanwhile, the equivalent contract in France dropped by 5.9% to end at 61.49 EUR/MWh, on expectations for lower demand.

 

Along the forward electricity curve, contracts experienced extended losses on Thursday amid a period of intense selling of CO2 European Emission Allowances triggered by declining prices, as well as wider market weakness. The German 2019-delivery contract dropped by 2.5% to end at 51.96 EUR/MWh. Meanwhile, the French equivalent contract traded 2.7% down at 56.07 EUR/MWh.

 

On Thursday, the European carbon contracts recovered from losses posted earlier in the week, despite mostly lower energy prices. The price for the contract expiring in 2021 was 0.8% higher at 22.48 euros a tonne.

 

Daily (16.01.2019): Brent crude jumped by 2.8% on Tuesday due to China’s potential fiscal stimulus

16/01/2019 11:13:00

Oil prices jumped on Tuesday as China plans to implement fiscal measures aimed at stabilizing country’s slowing economy. Moreover, output cuts by OPEC and Russia also boosted prices. Brent crude rose by 2.8% to 60.64 USD/bbl, while WTI crude was up by 3.2% settling at 52.11 USD/bbl

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Russia’s Looks To Build ‘LNG Island’ To Supply Booming Asian Market

16/01/2019 09:25:00

While Russia’s gas giant Gazprom is working to complete the Power of Siberia gas pipeline expected to begin delivering gas to China in December 2019, another Russian company—the country’s biggest liquefied natural gas (LNG) producer Novatek—is looking to boost LNG supply to the growing Asian market.

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Equinor to drill seven new wells at Gullfaks to recover even more resources

16/01/2019 09:22:00

Norwegian oil and gas major Equinor and its partners have decided to drill seven new wells at Gullfaks field located offshore Norway and improve oil recovery by 17 million barrels.

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