Daily (14.09.2018): Power and gas markets turned bearish on Thursday, after a 18% decline in carbon prices

14/09/2018 11:08 Daily

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Oil crude prices lost momentum on Thursday, mainly due to investors’ focus on mounting trade tensions between the world’s major economies, the U.S. and China, that could threaten demand. Brent crude ended 2% down at $78.18 a barrel. Meanwhile, WTI crude price tumbled by 2.5% to $68.59 a barrel, despite a larger-than-expected draw in U.S. inventories.

Even though Norwegian flows decreased, UK wholesale gas prices fell on Thursday, as stronger supplies from storage generated a surplus on the market. As a result, NBP spot price dropped sharply by 4.1% to 69.90 p/therm. On the forward curve, Winter 2018 delivery contract was 2.4% lower at 75.81 p/therm.

 

On Thursday, European year-ahead power prices slumped, following the downward trend in carbon and fuels markets. The French contract for 2019 delivery traded 5.7% lower at 58.35 euros/MWh, while German equivalent contract settled 6.2% down at 52.65 euros/MWh.

 

Prompt electricity prices were also bearish, due to higher wind generation in Germany, and increased nuclear availability in France. The German day-ahead price for Friday delivery shed by 9.3% to end at 64.84 euros/MWh. The French equivalent contract lost 6.8% to close at 66.25 euros/MWh. 

 

European carbon prices considerably declined on Thursday in a weak auction, as traders made bearish bets after the recent increase. The 2021-expiry contract price lost 16.6% to end at 20.40 euros a tonne, posting the biggest daily loss since 2006.

Daily (18.09.2018): Electricity prices on the curve surged by around 5% on Monday, tracking bullish carbon markets

18/09/2018 11:22:00

Oil crude prices fell slightly on Monday, as trade tensions between U.S. and China could have an impact on the global demand. Brent crude ended 0.1% down at $78.05 a barrel, but losses were capped by a cut in Iranian outputs. WTI crude also slipped by 0.1% to $68.91 a barrel.

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Egypt signed $1 billion oil & gas exploration deal with Shell and Petronas

18/09/2018 09:02:00

The Egyptian Ministry of Petroleum has signed a deep-water oil & gas exploration agreement with Shell and Malaysia’s Petronas, according to a statement issued by the ministry on September 15.

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Gazprom and KOGAS discuss prospects for wider cooperation

18/09/2018 08:58:00

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Seung-Il Cheong, President and Chief Executive Officer of KOGAS, took place today at the 4th Eastern Economic Forum in Vladivostok.

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