Daily (15.11.2018): European year-ahead power prices fell by over 1% on Wednesday, tracking weaker CO2 and coal markets

15/11/2018 11:36 Daily

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Oil prices surged on Wednesday, recovering from recent lows as OPEC partners are focusing on output cuts in order to support the market. Nevertheless, gains were still limited by the escalating trade war between the worlds’ biggest economies — U.S. and China. 
Both Brent crude and WTI rose 1% to settle at $66.12 and at $56.25 a barrel respectively.

An oversupplied market due to milder weather and, accordingly, weaker demand led to a decline in the UK gas prices on the curve Wednesday. The 2019 delivery contract traded 1.7% lower at 62.40 p/therm. On the other side, NBP day-ahead gas price gained 0.9% to 68.1 p/therm, on expectations of cooler temperatures during the weekend.

 

Wednesday saw a rise in European spot electricity prices, due to higher-than-average demand in Germany and reduced nuclear availability in France. Thus, the baseload price for day-ahead delivery in Germany added 2.6% to 63.48 euros/MWh, while the price for French spot electricity contract increased by 3% to 66.38 euros/MWh.

 

On the forward electricity curve, prices fell in line with bearish coal and carbon markets. In fact, the German power contract for 2019 delivery price was 1.8% lower at 52.85 euros/MWh, and the French equivalent contract traded 1.1% down at 57.73 euros/MWh.

 

EU carbon prices continued their declining trend on Wednesday, tumbling by around 2%. It is estimated that EUAs would remain above €20 even in the case of a huge sell-off. The price for the 2019-expiry carbon contract decreased by 2% to end at 20.11 euros a tonne.

Daily (09.08.2019): Oil prices rebounded by nearly 3% on Thursday, due to a firmer yuan and hopes for additional OPEC output cuts

09/08/2019 11:15:00

Oil prices strengthened on Thursday, rebounding from an earlier low, after Saudi Arabia showed readiness to discuss with other producers about the recent slump in crude prices. The prospect of additional output cuts from OPEC, coupled with a steadying yuan, supported prices. As a result, Brent crude rose by 2.1% to $57.38 a barrel. At the same time, WTI futures spiked by 2.8% to $52.54 a barrel, boosted by a fall in inventories at Cushing, Oklahoma, in the week to August 6.

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Belarus and Russia authorize 3.7% increase in oil transportation tariff as from 1 September

09/08/2019 08:53:00

Belarus and Russia have come to an agreement on raising the tariff on transporting oil across the Belarusian territory by 3.7% as from 1 September, the press service of the Belarusian state petrochemical concern Belneftekhim told BelTa after negotiations on 6 August.

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Iberdrola secures its first 149 MW of solar in Portugal

09/08/2019 08:50:00

Spanish power utility Iberdrola SA confirmed Thursday it had been awarded 149 MW of solar photovoltaic (PV) capacity in Portugal’s recently completed solar auction.

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