Daily (16.04.2019): NBP spot plunged by 6.9% on Monday, on milder weather forecasts and new LNG arrivals

16/04/2019 10:34 Daily

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Oil prices reversed trend registering losses on Monday, after having hit recently a five-month high, on signals that Russia could boost production to strengthen its position on the market. Brent crude edged 0.5% lower at $71.18 a barrel, while WTI Crude dropped by 0.8% to $63.40 a barrel.

British wholesale gas prices lost ground on Monday. NBP spot tumbled by 6.9% to 37.25 p/therm as milder weather forecasts led to an oversupply in the system.  Meanwhile, on the curve, the contract for delivery in October 2019 traded 3.5% lower at 46.77 p/therm, tracking the downward evolution in oil prices.

 

European day-ahead power prices rose on Monday. The price for the German day-ahead power contract rose 0.5% to 41.62 EUR/MWh on a potential rise in German demand. Meanwhile, the equivalent French contract traded 5.3% higher at 45.25 EUR/MWh, influenced by a slip in nuclear and wind power generation.

 

Along the curve, electricity prices varied, being almost constant on Monday. The price for the German power contract for delivery in 2020 nudged up by 0.1% to 50.90 EUR/MWh on rising carbon prices, while the equivalent French contract closed 0.3% down to 53.83 EUR/MWh, affected by a slip in oil and gas contract prices.

 

EU carbon prices extended gains on Monday, recovering from the previous bearish trading activity. The price for the 2021-expiry contract surged by 0.8% to 27.55 EUR/tonne.

Germany's EEG levy surplus decreased to €1.71 billion in November

12/12/2019 08:53:00

The German EEG levy account, which funds Germany’s renewable energy programs, had a cumulative surplus of €1.71 billion ($1.89 billion) at the end of November. This is a small decrease of around €24 million compared to October.

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Japan lines up Russian Arctic oil investment

12/12/2019 08:50:00

Japan’s government and its state-owned oil group have emerged as leading contenders for a stake in Rosneft’s $157bn Arctic project.

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Daily (11.12.2019): UK month-ahead gas price down around 2% due to a potential Kiev-Moscow new gas transit deal

11/12/2019 11:07:00

Crude oil prices finished higher on Tuesday, getting a boost after OPEC and its allies decided to deepen oil production cuts by 500,000 bpd, but gains were kept in check as U.S.-China war still puts pressure on demand. Brent crude rose by 9 cents, or 0.1% to settle at $64.34 a barrel on ICE Futures Europe.. WTI crude increased by 22 cents, or 0.4% to close at $59.24 a barrel on NYMEX.

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