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 (09.08.2019): Oil prices rebounded by nearly 3% on Thursday, due to a firmer yuan and hopes for additional OPEC output cuts

09/08/2019 11:15:00

Oil prices strengthened on Thursday, rebounding from an earlier low, after Saudi Arabia showed readiness to discuss with other producers about the recent slump in crude prices. The prospect of additional output cuts from OPEC, coupled with a steadying yuan, supported prices. As a result, Brent crude rose by 2.1% to $57.38 a barrel. At the same time, WTI futures spiked by 2.8% to $52.54 a barrel, boosted by a fall in inventories at Cushing, Oklahoma, in the week to August 6.

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Belarus and Russia authorize 3.7% increase in oil transportation tariff as from 1 September

09/08/2019 08:53:00

Belarus and Russia have come to an agreement on raising the tariff on transporting oil across the Belarusian territory by 3.7% as from 1 September, the press service of the Belarusian state petrochemical concern Belneftekhim told BelTa after negotiations on 6 August.

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Iberdrola secures its first 149 MW of solar in Portugal

09/08/2019 08:50:00

Spanish power utility Iberdrola SA confirmed Thursday it had been awarded 149 MW of solar photovoltaic (PV) capacity in Portugal’s recently completed solar auction.

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