Daily (13.10.2017): EU carbon prices hit their peak since January 2016, ETS reform talks

13/10/2017 10:55 Daily


Oil prices decreased on Thursday, after the Energy Department announced a larger-than-expected decline in U.S. inventories and a drop in weekly output. The market was influenced by a bearish outlook by the International Energy Agency, which reduced its forecast for oil demand for 2018.

Brent crude closed 69 cents, or 1.2 percent, down at $56.25 a barrel. Meanwhile, U.S. light crude fell 70 cents, or 1.4 percent, to $50.60 a barrel. Both benchmarks have increased by more than 20 percent from their lows in June as world oil markets constricted.


British wholesale gas prices tumbled on Thursday as the end of some outages in Norway contributed to a rise in imports to Britain, while predictions of high production from Britain's wind farms had curbed demand for gas from gas-fired power stations. NBP day-ahead gas price slumped by 2.25 pence, or 4.9%, to settle at 43.50 pence per therm. Next quarter delivery contract traded 0.5% lower at 52.28 p/therm.


German spot electricity prices were boosted by lower wind power generation projections on Thursday, while those in France fell on decreasing demand from high levels that had factored in concern about potential nuclear tightness in the mid-term. Germany’s power contract for Friday delivery jumped 55.8% to 39.55 euros per MWh. French day-ahead electricity price was off 5.3 % closing at 50.20 euros/MWh amid unseasonably warm weather and falling pre-weekend demand.

Power curve prices in Germany dropped slightly on Thursday. Meanwhile, forward contracts in France fell on profit-taking tracking bearishness in the local spot market. The power contract for delivery in 2018 in Germany edged 0.5% down at 35.77 euros/MWh. The French equivalent contract for year-ahead delivery was 1.8% lower at 42.70 euros/MWh, having attained a record high of 43.7 euros on Wednesday.

EU carbon prices hit their peak since January 2016 on Thursday in nervous trade as potentially conclusive ETS reform discussions carried on past market close. EU carbon permits expiring in December 2020 ended slightly up at 7.61 euros a tonne.


TANAP to strengthen Turkey's energy security - minister

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Trans-Anatolian Natural Gas Pipeline (TANAP) will strengthen Turkey’s energy security and contribute to the diversification of energy sources, Minister of Energy and Natural Resources of Turkey Alparslan Bayraktar said, Turkish media reported.


Egypt Signs New Agreements with European Oil Companies

15/08/2018 08:18:00

Egypt's Minister of Petroleum and Mineral Resources Tarek El-Molla signed three agreements today for the exploration of oil and natural gas in the Mediterranean, Western Sahara and Nile Delta.


Simec unveils 1GW Oz plans

15/08/2018 08:06:00

GFG Alliance subsidiary Simec Zen Energy has unveiled details about a $1bn, 1GW clean energy portfolio to be built in Whyalla, South Australia including the 280MW Cultana solar PV project.