Daily (16.08.2019): EU carbon prices at a new 5-week low on Thursday, due to speculative selling, Brexit fears and a weak macroeconomic context

16/08/2019 11:26 Daily

news

Intensifying recession fears spurred by downbeat economic data in Europe and China dragged the crude oil prices lower on Thursday. China’s warning about potential countermeasures in response to the latest U.S. tariff on Chinese goods also weighed on the market. Moreover, the rise in the U.S. crude inventories, extended unexpectedly into the second week, added pressure on crude prices. Under such circumstances, Brent crude dropped by 2.1% to $58.23 a barrel, while WTI futures lost 1.4% to trade at $54.47 a barrel.

Despite a largely balanced system, British wholesale gas prices sank further on Thursday, amid persistent thin demand due to robust power output and cool weather. The NBP day-ahead price dipped by 4.5% to 26.50 p/therm. On the curve, the contract price for delivery in June 2020 fell by 1.6% to 42.67 p/therm.

 

The European spot electricity prices rebounded on Thursday, as demand is expected to increase on the last working day of the week, after a holiday in parts of Western Europe. The price for the French day-ahead power contract soared by 31.3% to 31.29 EUR/MWh, in the context of reduced nuclear power output. At the same time, the equivalent German contract ended 17% higher at 35.69 EUR/MWh, supported by a decline in wind generation. 

 

Along the curve, power prices remained bearish, as carbon prices continued to weaken, alongside with the entire energy complex. Mounting concerns over a recession that would curb power consumption in Germany trimmed by 0.6% the German power price for 2020-delivery which settled at 48.64 EUR/MWh. In the meantime, the equivalent French contract edged down by 0.3% at 50.90 EUR/MWh.

 

The EU carbon prices extended their plunge to a new five-week low on Thursday, influenced by speculative selling, Brexit uncertainty and a gloomy macroeconomic backdrop. A sluggish energy complex put more pressure on prices. Consequently, the price for the contract expiring in 2020 tumbled by 3.4% to 26.26 EUR/tonne.

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