Daily (21.05.2019): European spot power prices soared by around 16% due to firmer consumption

21/05/2019 10:04 Daily

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Oil prices diverged on Monday. OPEC’s intention to maintain output cuts coupled with the escalating tensions in the Middle East sent WTI futures up by 0.5% at 63.10 USD/bbl. Meanwhile, Brent crude lost 0.3% to settle at 71.97 USD/bbl, influenced by the high level of global crude oil inventories.

British gas prices were mixed on Monday. The NBP spot price surged by 3.7% to 30.60 p/therm, as Norwegian flows via the Langeled and Vesterled pipelines remained weak. Firmer demand from power plants due to low wind generation also supported prices. On the curve, the contract for delivery in Q1 2020 was 0.6% down at 57.28 p/therm, in the context of steady LNG arrivals.

 

European day-ahead electricity prices spiked on Monday. The price for the German spot power contract soared by 16.4% to 43.29 EUR/MWh amid falling solar output and higher consumption driven by cooler weather. At the same time, tight nuclear availability and increased demand supported the price for the equivalent French contract, which hiked by 15.7% to 42.65 EUR/MWh.

 

Along the curve, power prices remained bearish, tracking the downward trend in several gas contracts. The German power contract for delivery in 2020 ended at 48.26 EUR/MWh, losing 0.2% on a daily basis. The same decline was noticed for the equivalent French contract, which closed at 51.35 EUR/MWh.

 

EU carbon prices rose on Monday, supported by a stronger session and expectations for a bullish market sentiment. The price for the contract expiring in 2020 inched up by 0.8% to 25.43 EUR/tonne.
 

Daily (14.06.2019): Oil prices hiked by 2.2% on Thursday, due to conflict in the Gulf of Oman

14/06/2019 09:34:00

Crude oil prices rose on Thursday, after two oil tankers were attacked in the Gulf of Oman stoking fears of a new conflict between Iran and the United States, the latter blaming Tehran for the incident. As a result, Brent crude increased by 2.2% to $61.31 a barrel, while WTI futures closed 2.2% higher at $52.28 a barrel.

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France awards 516 MW of onshore wind in latest tender round

14/06/2019 09:07:00

The French government has selected 516 MW of winning projects in its third onshore wind tender, it announced on Wednesday.

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Pair of Qatari LNG cargoes heading for Zeebrugge

14/06/2019 09:04:00

The Fluxys-operated Zeebrugge liquefied natural gas terminal in Belgium booked a pair of cargoes of LNG from Qatar.

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