Daily (13.08.2019): European carbon prices slumped by over 5% on Monday amid a weaker auction

13/08/2019 10:05 Daily

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Oil prices remained bullish on Monday, on expectations for deeper cuts of global oil supplies that might counterbalance the slowing growth of global crude demand driven by the U.S.-China trade dispute. Brent crude traded 0.1% up at $58.57 a barrel. At the same time, the ongoing tensions between the U.S. and Iran, along with a weakening dollar, pushed the WTI futures 0.8% higher at $54.93 a barrel.

Firmer supply from Norway and stronger output from UK Continental Shelf weighed on UK forward gas prices on Monday. The contract for delivery in Winter 2019 settled 2.2% lower at 49.28 p/therm. Meanwhile, short-term forecasts for reduced wind generation raised gas-for-power demand, with NBP spot price climbing by 1.4% to 29.60 p/therm.

 

The European day-ahead power prices skyrocketed on Monday, in a correction move after the Sunday’s plunge into negative territory due to strong wind output. Moreover, rising temperatures in the region boosted demand for cooling. The price for the German spot power contract soared by 206.8% to 38.04 EUR/MWh. The price for the equivalent French contract spiked by 139.8% to 33.65 EUR/MWh, on more support from an outage at Chinon 1 reactor, which was provisionally extended to August 14.

 

Along the curve, electricity prices extended losses, tracking weaker gas and coal contracts, as well as the fall in carbon prices. The German power contract for delivery in 2020 ended 2.1% lower at 49.30 EUR/MWh, while the price for the equivalent French contract dropped by 1.7% to 51.55 EUR/MWh.

 

EU carbon prices plunged to a one-month low amid a bearish auction on Monday, while cheaper fuel contracts kept prices under pressure. As a result, the price for the 2019-expiry contract slumped by 5.1% to 26.70 EUR/tonne.

Daily (20.08.2019): Brent crude surged by around 2% on Monday on worries about global oil supplies

20/08/2019 11:19:00

Crude oil prices rose on Monday after Yemen’s Houthi forces used a drone to attack an oilfield in eastern Saudi Arabia on Saturday, threatening global oil supplies. Brent crude added $1.1, or 1.9% to settle at $59.74 a barrel. WTI futures gained $1.34, or 2.4% to end at $56.21 a barrel.

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EBRD Finances Private-to-Private Solar Project in Jordan

20/08/2019 08:25:00

The European Bank for Reconstruction and Development together with its partners is supporting a pioneering energy project in Jordan with a financial package of up to $35 million. The project will enable the telecom operator Orange Jordan to cover part of its demand with clean energy generated in solar plants.

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Belene project attracts five expressions of interest

20/08/2019 08:21:00

Five companies have expressed interest in Bulgaria’s invitation for strategic investment in the construction of Belene nuclear power plant on the Danube River near the Romanian border. According to national newspaper 24 Chasa, China National Nuclear Corporation, Framatome, General Electric, Korea Hydro and Nuclear Power and Rosatom have all applied for the selection process.

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