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 (15.08.2019): European spot power prices plummeted by over 21% on Wednesday, amid low demand due to a public holiday in the region and surging wind output

15/08/2019 11:40:00

Crude oil prices reversed earlier gains on Wednesday, amid disappointing economic data in China and the Eurozone, particularly in Germany, worsening the crude demand outlook. A surprise increase in the U.S. crude inventories added to the bearish market sentiment. In addition, traders were focused on profit taking after Tuesday’s rise. As a result, Brent crude fell by 3% to $59.48 a barrel, while WTI futures dropped by 3.3% to $55.23 a barrel.

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Jan De Nul to install offshore turbines at Denmark's 605-MW Kriegers Flak

15/08/2019 08:38:00

Marine contractor Jan De Nul Group has been hired to install the turbines at the 604.8-MW Kriegers Flak offshore wind farm in the Baltic Sea, off the Danish coast.

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TurkStream's receiving terminal 95% complete

15/08/2019 08:34:00

Construction of the TurkStream Offshore Gas Pipeline Project's gas-receiving terminal at Kıyıköy – Turkey's main onshore section – is 95% complete, the project company announced Wednesday.

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