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 (18.10.2018): WTI crude dropped by 3% on Wednesday due to a jump in US stockpiles

18/10/2018 11:18:00

Oil crude prices fell on Wednesday as the U.S. Energy Department's Energy Information Administration revealed a higher-than-expected build in U.S. crude inventories, offsetting concerns about diplomatic relations with Saudi Arabia. Therefore, Brent crude price traded 1.7% lower to settle at $80.05 a barrel. WTI crude price plunged 3% down to settle at $69.75 a barrel.

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North Sea leading global offshore wind power generation

18/10/2018 09:27:00

The North Sea now accounts for 90% of all global offshore wind power generation, but will soon face a challenge from China, it has emerged.

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Shell to sell upstream business in Denmark for $1.9bn

18/10/2018 09:21:00

Royal Dutch Shell, through its affiliate Shell Overseas Holdings, has reached an agreement with Norwegian Energy Company ASA (Noreco) to sell its shares in Shell Olie-og Gasudvinding Danmark B.V. (SOGU) for $1.9 billion.

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