Daily (15.03.2019): EU carbon prices rose by around 2% following Brexit votes

15/03/2019 09:56 Daily

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Oil prices diverged on Thursday. Brent crude decreased by 0.5% to 64.23 USD/bbl, as lower Industrial output data in China and political uncertainty around the prospect of a delayed Brexit weighed on prices. WTI futures rose by 0.6% to 58.61 USD/bbl, supported by an expected decline in U.S. crude inventories and output, as well as by U.S. sanctions on Venezuela and Iran.

British gas prices fell on Thursday due to weak gas-for-power demand caused by robust wind output. Moreover, stable Norwegian flows, steady domestic production and five LNG cargoes to arrive in the next seven days put more pressure on prices. Consequently, the NBP spot price dropped by 2.3% to 38.63 p/therm. On the curve, the 2020-delivery contract traded 1.8% down at 48.53 p/therm.

 

European day-ahead power prices plunged on Thursday, as warmer weather and stronger wind generation curbed demand. The German spot power price slumped by 22.5% to 25.21 EUR/MWh. The equivalent French contract price tumbled by 15% to 29.85 EUR/MWh, amid steady nuclear availability and increasing solar power supply. 

 

Along the forward curve, electricity prices posted gains, influenced by bullish coal and carbon markets. The German power contract for delivery in 2020 closed 1.2% higher at 47.33 EUR/MWh, while the equivalent French contract added 1% to end at 50.31 EUR/MWh.

 

European carbon prices surged on Thursday, after the ‘no deal’ Brexit was voted down, despite further concerns over UK’s withdrawal and lower gas prices. The contract expiring in 2021 hiked by 2.1% to 23.61 EUR/tonne.

 

Daily (20.03.2019): EU carbon prices fell by more than 3% on Tuesday, due to a bearish energy complex and continued Brexit uncertainty

20/03/2019 10:12:00

Crude prices diverged slightly on Tuesday. On one side, prices were supported by OPEC-led supply cuts OPEC. On the other side, rising U.S. output put pressure on the market. Brent crude edged 0.1% higher at $67.61 a barrel, while WTI crude traded 0.1% lower at $59.03 a barrel.

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UK offshore oil and gas production up by a fifth over past five years

20/03/2019 10:02:00

UK offshore oil and gas production has increased by a fifth over the past five years, following 14 years of decline.

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Ofgem backs 600MW Shetland grid link

20/03/2019 09:57:00

UK energy regulator Ofgem said is it minded to approve construction of a 600MW subsea interconnector from Shetland to mainland Scotland to support renewables expansion.

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