Daily (13.09.2019): Welding anomalies at French nuclear reactors supported spot gas and power prices across Europe

13/09/2019 11:03 Daily

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Crude oil prices had another bearish day, after Donald Trump denied the possibility of an interim U.S.-China trade deal. Comments by OPEC+ alliance that deeper cuts would not be decided before a meeting in December and ECB’s decision to cut its deposit rate also weighed on prices. Hence, Brent crude dropped by 0.7% to close at $60.38 a barrel, while WTI futures lost 1.2% to settle at $55.09 a barrel.

British wholesale gas prices were mixed on Thursday.Uncertainty over the impact of a cut in flows through the Opal pipeline led to a slight decline in the Q4 2019 delivery contract, which ended 0.3% lower at 45.71 p/therm. However, worries about nuclear plant issues in France lent support to the day-ahead price, which spiked by 2.8% to 26.50 p/therm.

 

European prompt power prices increased on Thursday due to welding anomalies at French nuclear reactors which afected demand in the region. Hence, the German spot power price jumped by 3.3% to close at 39.02 euros/MWh, while the French equivalent contract settled 3.9% higher at 38.84 euros/MWh.

Along the curve, power contracts posted losses on Thursday tracking lower forward gas prices. The German Cal 2020 delivery contract lost 1.5% to close at 50.00 euros/MWh. The equivalent French contract declined by 1.3% to end at 53.00 euros/MWh.

 

European carbon prices rose slightly supported by the ongoing fears of nuclear outages in France ahead of the winter season. The contract expiring in 2021 traded 0.6% higher at 26.43 euros/tonne.

Exxon Mobil considers sale of Malaysian offshore assets for up to $3 bln

09/10/2019 14:54:00

U.S. energy giant Exxon Mobil Corp is considering a sale of its Malaysian upstream offshore assets for up to $3 billion, Bloomberg reported on Wednesday.

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Zimbabwe hikes average electricity tariff by 320% - energy regulator

09/10/2019 13:25:00

Zimbabwe has increased the average electricity tariff by 320% to let the state power utility ramp up production and improve supplies at a time of daily rolling power cuts, the national energy regulator said on Wednesday.

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Daily (09.10.2019): European carbon prices reached EUR 23 a tonne on Tuesday, on worries over Brexit negotiations

09/10/2019 10:50:00

Crude oil prices traded lower on Tuesday, after Donald Trump reported that a quick trade deal will unlikely happen soon. Meanwhile, oil prices were supported by protests in OPEC members Iraq and Ecuador, which threatened to disrupt their oil output. Hence, WTI futures fell by 0.2% to $52.63 a barrel, while Brent crude edged 0.2% down at $58.24 a barrel.

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