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.

Equinor completes acquisition with Shell in the US Gulf of Mexico

20/08/2019 08:18:00

The Bureau of Ocean Energy Management has approved Equinor and Shell’s transaction announced in May 2019, whereby Equinor exercised its preferential right to acquire 22.45% interest in the Caesar Tonga oil field from Shell Offshore Inc for a total consideration of $965 million in cash.

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Daily (19.08.2019): The German spot power price tumbled by 27% due to lower demand

19/08/2019 11:33:00

Oil prices rebounded from previous losses on Friday asfurther support from central banks might alleviate recession worries. Brent crude rose $0.41, or 0.7% to $58.64 a barrel. WTI futures added $0.40, or 0.7% to $54.87 a barrel.

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Lundin makes small oil discovery at Goddo prospect in North Sea

19/08/2019 09:42:00

The discovery was made at the wildcat well 16/5-8 S, in the production license 815, about 14 kilometers south of the Edvard Grieg field in the central part of the Norwegian sector of the North Sea.

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