Daily (15.08.2019): European spot power prices plummeted by over 21% on Wednesday, amid low demand due to a public holiday in the region and surging wind output

15/08/2019 11:40 Daily

news

Crude oil prices reversed earlier gains on Wednesday, amid disappointing economic data in China and the Eurozone, particularly in Germany, worsening the crude demand outlook. A surprise increase in the U.S. crude inventories added to the bearish market sentiment. In addition, traders were focused on profit taking after Tuesday’s rise. As a result, Brent crude fell by 3% to $59.48 a barrel, while WTI futures dropped by 3.3% to $55.23 a barrel.

British wholesale gas prices had a strong downward evolution on Wednesday, due to higher flows from Norway via the Langeled pipeline and increased output from the UK Continental Shelf. Furthermore, two LNG vessels are expected in Britain later this month. The NBP day-ahead price plunged by 8.3% to 27.75 p/therm, as forecasts for firmer wind output curbed gas-for-power demand. In the meantime, the contract price for delivery in Q4 2019 tumbled by 2.3% to 44.89 p/therm.

 

The European spot electricity prices fell sharply on Wednesday, as demand eased on Assumption Day in France and in catholic parts of the region. The price for the French day-ahead power contract dipped by 25.30% to 23.83 EUR/MWh. At the same time, the price for the equivalent German contract sank by 21.3% to 30.50 EUR/MWh, as wind generation was set to rise to nearly gale force levels. 

 

Along the curve, power prices declined, in response to lower carbon prices and a bearish energy complex. The German power contract for delivery in 2020 lost 1% to close at 48.95 EUR/MWh, amid growing recession fears in Europe’s largest economy. The equivalent French contract posted the same percentage loss, settling at 51.05 EUR/MWh.

 

The EU carbon prices lost ground after a volatile trading on Wednesday, weighed by a sluggish auction and a weaker energy complex. As a result, the price for the 2019-expiry contract.

Daily (30.07.2020): European CO2 prices rebounded by nearly 2% on Wednesday tracking a stronger auction in Poland.

30/07/2020 13:19:00

Crude oil prices inched higher on Wednesday, following an unexpected drop in US crude inventories. Consequently, Brent crude rose by 1.2% to $43.75 a barrel, while WTI futures increased by 0.6% to $41.27 a barrel.

<READ MORE

Eneco, Shell win Dutch offshore wind tender with 759-MW project

30/07/2020 10:56:00

A joint venture between Dutch utility Eneco and oil and gas major Royal Dutch Shell Plc has won the tender for the third zero-subsidy offshore wind farm in the Dutch North Sea, to be built in the Hollandse Kust Noord zone.

READ MORE

Assembly of world’s largest nuclear fusion reactor begins in France

30/07/2020 10:49:00

A total of 35 nations are currently collaborating to build tokamak, a magnetic fusion device, which aims to demonstrate the real potential of fusion as a large scale carbon-free source of energy

READ MORE