Daily (13.09.2018): German spot power prices gained 12% on Wednesday, on predictions of lower wind generation

13/09/2018 11:20 Daily

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Oil crude prices continued to gain ground on Wednesday, because of dwindling U.S. stocks. Another reason is that concerns about global oil supply have increased amid looming sanctions on Iranian exports. Brent crude closed 0.9% up at $79.74 a barrel, while WTI crude price soared by 1.6% to $70.37 a barrel.

Stronger flows from Langeled pipeline contributed to an oversupplied system, and thus, weighed down on British wholesale gas prices. Accordingly, NBP spot price tumbled by 3.1% to 72.90 p/therm. On the forward curve, Q4 2018 delivery contract closed 4% lower at 76.32 p/therm.

 

Strong demand and forecasts for lower wind generation buoyed European spot power prices on Wednesday. Accordingly, the German day-ahead contract price ended 12.1% higher at 71.52 euros/MWh. The French equivalent contract added only 4.1% to 71.10 euros/MWh, as gains were capped by increased nuclear availability, after the restart of three nuclear reactors.

 

Meanwhile, electricity prices on the forward curve fell, tracking bearish coal and carbon markets. The German Cal’ 19 baseload electricity price decreased by 1.4% to close at 56.11 euros/MWh. The French equivalent contract for 2019 delivery ended 1.2% lower at 61.85 euros/MWh.

 

European carbon contracts lost momentum in a weaker auction on Wednesday, following the downward evolution in the energy prices. The carbon contract expiring in 2021 traded around 4.8% lower at 24.47 euros a tonne.
 

Bosnia's Federation aims at 44% share of renewable energy in 2020

13/11/2018 09:42:00

Bosnia's Federation government targets a 44% share of renewable energy in the entity's electricity mix in 2020, it said.

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Daily (12.11.2018): German electricity spot price fell by 27.6% on Friday due to an oversupplied system

12/11/2018 14:48:00

Stronger global supply alongside increased fears over lower rhythm of demand growth led to bearish oil prices on Friday. Brent crude lost $0.47, or 0.7% to end at $70.18 a barrel. WTI futures traded $0.48, or 0.8% lower at $60.19 a barrel.

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Saudi Arabia, Russia discussing possible oil-production cuts

12/11/2018 11:28:00

Saudi Arabia's energy minister said Sunday that the kingdom will reduce exports by about 500,000 barrels a day from November to December. Khalid al-Falih made the comment at a meeting of oil producers in Abu Dhabi.

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