Daily (16.10.2019): The EUAs spiked by around 6.4% on Tuesday after an optimistic breakthrough in Brexit process

16/10/2019 11:14 Daily


Crude oil prices extended their fall on Tuesday, as the uncertain outlook for the Sino-American trade negotiations, coupled with indicators of an economic slowdown in China fueled worries over global crude demand. The high level of U.S. crude stocks added pressure on prices. Consequently, WTI futures lost 1.5% to close at $52.81 a barrel, while Brent crude traded 1% down at $58.74 a barrel. However, hopes for a timely Brexit deal and signals of possible oil supply cuts from OPEC reduced losses.

British forward gas prices dipped on Tuesday, tracking bearish oil prices. Seven LNG tankers due to arrive in Britain before November 5 also weighed on the market. Therefore, the price for delivery in March 2020 settled 1.6% lower at 49 p/therm. Meanwhile, robust gas-for-power demand and next-day forecasts for increased residential consumption supported the NBP spot price on Tuesday, which climbed further by 1.2% to 28.50 p/therm, amid overall weaker Norwegian flows to continental Europe. 


European day-ahead electricity prices fell back on Tuesday on expectations of stronger wind power output in the region. The price for the German spot power contract retreated by 9.7% to 39.46 EUR/MWh. At the same time, the equivalent French contract ended at 41.20 EUR/MWh, posting a 5.6% daily decline, in anticipation of limited demand.


A sharp rebound in the carbon market stimulated power prices on the curve on Tuesday. The 2020-delivery German power contract firmed by 0.6% closing at 48.42 EUR/MWh. The equivalent French contract edged up by 0.3% at 51.33 EUR/MWh.


Important progress in Brexit talks gave a strong boost to the EU carbon market, with EUAs hitting a three-week high on Tuesday. The price for the contract expiring in 2019 soared by 6.5% to 25.71 EUR/tonne.

Iberdrola mulls sale of 40% stake in Wikinger offshore wind farm - report

26/03/2020 09:15:00

Iberdrola SA (BME:IBE) is looking to sell a stake of around 40% in the 350-MW Wikinger offshore wind farm in the Baltic Sea, Spanish business newspaper Expansion has reported citing sources close to the transaction.


Portugal's Rosseti breaks ground on 30-MW solar farm

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Portuguese company Rosseti Engenharia has commenced construction works for a 30-MW photovoltaic (PV) plant in Mexeeiro, Santarem district.


Equinor slashes investment, spending in $3 billion coronavirus package

25/03/2020 10:55:00

Norwegian oil firm Equinor will cut investments, exploration drilling and operating costs as part of a $3 billion plan to help the company weather the coronavirus crisis and low oil prices, it said on Wednesday.