Daily (22.05.2019): NBP spot ended down by nearly 3% on Tuesday due to higher Norwegian flows

22/05/2019 11:33 Daily


The outlook of a tighter supply fuelled by the growing tensions in the Middle East and OPEC’s constant commitment to cut output supported oil prices on Tuesday. Meanwhile, gains were capped by the lengthy U.S.-China trade dispute and its bearish impact on the global economic growth. Brent crude price edged higher by 0.3% to 72.18 USD/bbl, while WTI futures were only 0.1% up at 63.13 USD/bbl. 

British gas prices lost ground on Tuesday, due to the rise in imports from Norway after maintenance works at Troll and Asgard gas fields. The NBP spot price slumped by 2.9% to 29.70 p/therm. Along the curve, the contract for delivery in Q3 2020 settled 1% lower at 33.11 p/therm.


European day-ahead electricity prices reversed trend to fall on Tuesday. Expectations for stronger wind, solar and hydropower output weighed on the price for the German spot power contract, which plunged by 7.4% to 40.09 EUR/MWh. The equivalent French contract traded at the same price, posting a 6% daily loss, amid firmer nuclear availability and sluggish demand due to mild weather.


Along the curve, power prices continued to slip, tracking the downward evolution in gas prices. The price for the German power contract for delivery in 2020 retreated by 0.5% to 48.02 EUR/MWh. The equivalent French contract price declined by 0.5% as well, closing at 51.10 EUR/MWh.


EU carbon prices rose on Tuesday, as traders anticipated a steep fall in auction supply. A bullish impact also came from PM Theresa May’s latest Brexit offer aimed at avoiding risks of no Brexit at all. The 2021-expiry contract price increased by 0.7% to 25.94 EUR/tonne.

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.


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.


Vestas turbines to power 164-MW Ukrainian wind farm

13/06/2019 09:01:00

Denmark's Vestas Wind Systems A/S on Wednesday announced a contract to deliver and install turbines for a 164-MW wind project in southern Ukraine.