Daily (16.09.2019): NBP spot soared by over 13% on Friday amid higher demand after official order to cut Gazprom’s flows

16/09/2019 11:55 Daily

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Crude oil prices traded lower on Friday, amid worries over global economic slowdown and thinner oil demand. WTI futures fell by 0.4% to $54.85 a barrel, while Brent crude edged 0.3% down at $60.22 a barrel, heading for the first weekly fall in three and five weeks respectively. Nevertheless, crude prices are expected to spike after a drone attack on two Saudi Aramco oil facilities on Saturday, which slashed by 50% Saudi Arabia’s oil output, or the equivalent of 5% in the global oil supply.

Firmer gas-for-power demand driven by reduced wind generation led to a 13.6% hike in the NBP spot price on Friday, which ended at 31.80 p/therm. Strong support also came from the German regulator BNA which ordered a 50% reduction in the transit flows via the Opal pipeline. Meanwhile, gas prices on the curve dropped in the context of robust LNG arrivals and near full storages. The Q1 2020 delivery contract lost 1.8% to close at 53.53 p/therm.

 

European prompt power prices tumbled on Friday, due to forecasts for abundant wind generation in the coming week. The French spot power price slumped by 11.2% to 34.50 euros/MWh, while the French equivalent contract closed 7.2% lower at 36.20 euros/MWh.

 

Further on the curve, power prices were bullish on Friday, as traders wanted to guard against possible French nuclear generation shortages. Higher coal prices also supported the market sentiment. The German contract for next-year delivery was 0.9% up at 50.47 euros/MWh. The equivalent French contract advanced by 0.6% to 53.30 euros/MWh.

 

Hopes for a softer Brexit solution influenced the European carbon prices on the downside on Friday. The price for the 2019-exiry contract slipped by 0.2% to 26.38 EUR/tonne.

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Daily (19.02.2020): NBP spot soared by 2.8% on Tuesday due to weak LNG supply

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