Daily (19.07.2019): NBP spot slumped by 4% on Thursday, due to increased supply and weak demand

19/07/2019 10:07 Daily


Crude oil prices continued their downward evolution on Thursday, influenced by lower U.S. equities markets. Prices were also weighed by an expected rise in the U.S. offshore oil output, as platforms have been returning to service after the Hurricane Barry passed through the Gulf of Mexico last week. Brent crude sank by 2.7% to $61.93 a barrel, while WTI futures dipped by 2.6% to $55.30 a barrel. 

British gas prices lost ground on Thursday, as the end of outages at Norway’s Aasta Hansteen and Troll fields drove higher flows from Norway. Moreover, stronger wind generation is expected to curb demand from gas-fired power plants. Adding to the bearish market sentiment, two Qatari LNG cargoes are due to arrive in Britain by July 25. The NBP spot price tumbled by 4% to 29.00 p/therm. The contract price for delivery in July 2020 fell by 1.7% at 44.48 p/therm. 


European spot power prices posted gains on Thursday, due to limited power output from wind turbines and the prospect of a rising demand on fears of a heatwave next week. The German day-ahead power contract traded 2% higher at 44.81 EUR/MWh. The price for the equivalent French contract surged by 3.5% to 42.39 EUR/MWh. 


On the curve, electricity prices extended losses, as bearish carbon, oil and gas prices continued to weigh on forward power contracts. The price for the German power contract for delivery in 2020 declined by 0.4% to 51.48 EUR/MWh. Similarly, the price for the equivalent French contract edged down by 0.3% to 53.34 EUR/MWh. 


EU carbon prices slumped in the third consecutive weak auction on Thursday, tracking a sluggish energy complex, while traders saw a “short-term correction” after the recent rally. The 2019-expiry contract lost 2.4% to end at 27.78 EUR/tonne.


EBRD Finances Private-to-Private Solar Project in Jordan

20/08/2019 08:25:00

The European Bank for Reconstruction and Development together with its partners is supporting a pioneering energy project in Jordan with a financial package of up to $35 million. The project will enable the telecom operator Orange Jordan to cover part of its demand with clean energy generated in solar plants.


Belene project attracts five expressions of interest

20/08/2019 08:21:00

Five companies have expressed interest in Bulgaria’s invitation for strategic investment in the construction of Belene nuclear power plant on the Danube River near the Romanian border. According to national newspaper 24 Chasa, China National Nuclear Corporation, Framatome, General Electric, Korea Hydro and Nuclear Power and Rosatom have all applied for the selection process.


Equinor completes acquisition with Shell in the US Gulf of Mexico

20/08/2019 08:18:00

The Bureau of Ocean Energy Management has approved Equinor and Shell’s transaction announced in May 2019, whereby Equinor exercised its preferential right to acquire 22.45% interest in the Caesar Tonga oil field from Shell Offshore Inc for a total consideration of $965 million in cash.