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

22/05/2019 11:33 Daily

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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.
 

Daily (08.08.2019): Oil prices plummeted by over 4.5% on Wednesday, due to a buildup in U.S crudes stockpiles and China-U.S. trade war

08/08/2019 11:21:00

Oil prices decreased on Wednesday reaching a seven-month low, following a surprise accumulation in U.S. crude stockpiles. Moreover, worries that oil demand will shrink due to China – U.S. escalating trade war also put pressure on prices. Hence, Brent crude fell by 4.6% to $56.23 a barrel, while WTI futures traded 4.7% lower at $51.09 a barrel

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Novatek seals Arctic LNG 2 deal with partners and subcontractor

08/08/2019 08:45:00

Russia’s largest private natural gas extractor and liquefied natural gas (LNG) producer Novatek has entrusted a new subcontractor with building gas liquefaction facilities for Arctic LNG 2, its second LNG project to be developed in the Arctic.

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Energy bills to fall by £75 as Ofgem lowers price cap

08/08/2019 08:36:00

Energy bills are set to fall by around £75 for millions of households in Britain this winter after Ofgem announced a reduction in the price cap.

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