Daily (18.03.2020): Oil prices plummeted below $30 a barrel to reach the lowest level since 2016

18/03/2020 10:53 Daily

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Crude oil futures extended losses on Tuesday, falling to the lowest level since 2016 as the coronavirus pandemic threatens to bring the global economy to a deadlock, denting the fuel demand at a time when crude supply is flooding the market. Brent crude fell by $1.32, or 4.4% to settle at $28.73 a barrel on ICE London. U.S. WTI crude plunged by $1.75, or 6% to end at $26.95 a barrel on NYMEX.

British gas prices diverged on Tuesday, with the NBP day-ahead gas price 3.3% higher at 23.75 p/therm because of an undersupplied market.

 

Along the forward curve, prices lost ground on Tuesday as the coronavirus pandemic weighed on demand. Consequently, the gas price for May delivery decreased by 2% to 22.31 p/therm, while the gas price for the year-ahead delivery dropped by 1.4% to 34.06 p/therm.

 

European spot electricity prices were on the back foot on Tuesday due to a weaker demand amid the coronavirus crisis and a stronger thermal and renewable power supply.

 

German day-ahead power price fell by 6.3% to 26.42 EUR/MWh, while the price for the equivalent contract in France plummeted by 7.6% to 26.15 EUR/MWh. 

 

Year-ahead power contracts tumbled on Tuesday amid a bearish energy complex. Hence, German Cal’21 power dipped by 3.2% to 36.55 EUR/MWh, while the same contract in France fell by 2.6% to 39.12 EUR/MWh.

 

Strong selling after the failure of the first auction failure of the year put pressure on carbon prices, with the EUAs expiring in 2021 5.2% lower at 18.69 EUR/MWh on Tuesday.

Daily (28.05.2020): After previous gains, energy markets turned bearish again on Wednesday

28/05/2020 11:48:00

Oil prices turned bearish on Wednesday as tensions between China and the United States intensified, following the statements of the American president about a firm response to China’s proposed security law in Hong Kong. Moreover, some traders treated with suspicion Russia’s commitment to deep production cuts.

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European Energy Wins Approvals for Two Offshore Wind Farms in Denmark

28/05/2020 10:12:00

Renewables developer European Energy A/S has received the approval of its environmental impact assessments (EIA) for two of its offshore wind projects, Omø South and Jammerland Bay in Denmark.

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EDF submits application to build 3.2 GW Sizewell C nuclear plant in UK

28/05/2020 10:06:00

EDF Energy has submitted an application to the UK's Planning Inspectorate to build two 1.6 GW nuclear reactors at its Sizewell site in Suffolk, it said Wednesday.

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