Daily (16.10.2020): EUAs close to a four-month low on Thursday due to Brexit uncertainty and weak auction demand

16/10/2020 10:53 Daily

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Oil prices edged lower on Thursday as OPEC sees a gloomy outlook on demand for black gold. Losses, however, have been limited, as the EIA report showed a larger-than-expected drop in crude stocks in the United States. Brent crude for December delivery traded 0.4% lower at $43.16 a barrel, while WTI oil slipped by 0.2% to $40.96 a barrel.

Cooler weather forecasts, a drop in wind power and lower supply lent support the British day-ahead gas price gained ground on Thursday, with NBP spot trading 3% higher at 39.90 p/therm. Contracts on the curve were boosted by a rise in commodities. The front-year gas contract gained 1.2% to settle at 37.99 p/therm.

 

Spot prices for European power continued the bullish trend on Thursday, backed by weaker wind output and temperatures below seasonal norm. The German day-ahead price increased by 14.7% to settle at 46.94 EUR/MWh, while the French spot power price rose by 8.6% to close at 47.80 EUR/MWh.

 

Power contracts on the curve followed the slide in the carbon market. Moreover, renewed lock-down concerns also weighed on prices. The German Cal’21 contract traded 1.4% lower at 39.92 EUR/MWh and the French front-year power price fell by 1.2% to end at 44.37 EUR/MWh.

 

European carbon prices tumbled to almost a four-month low on Thursday, weighed down by news surrounding the post-Brexit deal, weak auction demand and new COVID-19 restrictions in Europe. The carbon EUA contract expiring in December 2022 settled 3% down at 25.48 EUR/tonne.

Daily (19.10.2020): NBP spot reached a fresh 2020 high on Friday, due to low flows from Norway and increased demand

19/10/2020 11:05:00

Crude oil prices edged lower on Friday ahead of the OPEC+ ministers’ meeting. Furthermore, doubts about demand and the worrying pace of COVID-19 pandemic also weighed on prices. Brent crude for December delivery slipped by 0.5% to settle at $42.93 a barrel, while WTI crude traded 0.2% lower at $40.88 a barrel.

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Norway’s Hammerfest LNG to reopen in January

19/10/2020 09:08:00

Norway’s Hammerfest LNG isn’t expected to resume operations this year, as operator Equinor continues to carry out an investigation into a serious incident late last month.

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Total to expand Indian joint venture’s solar portfolio to 2.3GW

19/10/2020 09:05:00

The portfolio of the joint venture with Adani Group’s subsidiary AGEL will soon see the addition of new solar farms

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