Daily (20.05.2019): NBP spot price slumped by 7.5% on Friday amid system oversupply

20/05/2019 11:11 Daily

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Oil prices lost momentum on Friday, weighed by persistent concerns over a weakening demand because of the stalemate in the U.S.-China trade negotiations. However, the decline in the Iranian and Russian exports along with reduced shipments from the North Sea capped losses. As a result, Brent crude retreated by 0.6% to 72.21 USD/bbl. In the meantime, WTI Crude price slipped by 0.2% to 62.76 USD/bbl.

British gas prices continued to decrease on Friday amid system glut driven by the ample level of available and incoming supplies, with the NBP spot price slumping by 7.5% to 29.50 p/therm. On the curve, the contract for delivery in September 2019 traded 2.7% down at 36.41 p/therm.

 

Forecasts for warmer temperatures and lower consumption in the coming week led to a drop in the European day-ahead electricity prices on Friday. The price for the German spot power contract tumbled by 13.4% to 37.19 EUR/MWh, on expectations for relatively high hydropower and wind generation. At the same time, the equivalent French contract price sank by 12.5% to 36.85 EUR/MWh.

 

On the curve, power prices were seen in a downward trend as well, influenced by a bearish energy complex. The price for the German power contract for delivery in 2020 fell by 2.1% to 48.37 EUR/MWh. The equivalent French contract closed at 51.43 EUR/MWh, posting a 1.8% daily loss.

 

The declining gas prices and a weaker energy complex kept the EU carbon prices under pressure on Friday. The 2019-expiry contract price decreased by 2.2% to 25.00 EUR/tonne.
 

Daily (13.06.2019): WTI futures lost 4% on Wednesday, due to rising crude inventories and weaker demand outlook

13/06/2019 10:53:00

Crude oil prices tumbled on Wednesday, amid higher U.S. crude inventories and poorer demand outlook. US-China trade negotiation also weighed on prices. As a result, Brent crude plunged by 3.7% to $59.97 a barrel, while WTI futures lost 4% to settle at $51.14 a barrel.

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Norway powers up its largest onshore wind farm

13/06/2019 09:08:00

A 255.6MW onshore wind farm claimed to be the largest in Norway is now up and running.

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Azerbaijan’s natgas exports up by 28%

13/06/2019 09:04:00

Azerbaijan’s natural gas exports showed a 28 percent increase year-on-year rising from 8.030 billion standard cubic meters in 2017 to 10.276 billion standard cubic meters in 2018, Trend reports citing OPEC Annual Statistical Bulletin.

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