Daily (22.07.2019): EU carbon prices jumped by almost 4% on Friday, ahead of an approaching heatwave and bullish technical signals

22/07/2019 11:00 Daily

news

Oil prices increased on Friday, bolstered by the rising tensions in Iran, after U.S. Navy destroyed an Iranian drone in the Strait of Hormuz. As a result, Brent crude climbed by 0.9% to $62.47 a barrel, while WTI futures inched up by 0.6% to $55.63 a barrel.

British forward gas prices added ground on Friday, influenced by an undersupply in the system caused by limited flows from Norway through the Langeled pipeline that were rerouted to continental Europe. As a result, the contract for Q4 19 delivery closed 1.9% up at 48.68 p/therm. Meanwhile, the spot price edged down, due to stronger wind output that curbed demand for gas used for power. Hence, NBP day-ahead price declined by 0.9% to 28.75 p/therm.

 

European day-ahead power prices plunged on Friday. The price for the German day-ahead power contract tumbled by 21.7% to 35.09 EUR/MWh due to the expectations for higher wind power supply and solar generation. At the same time, the equivalent French contract ended 21.8% lower at 33.14 EUR/MWh, influenced by stable nuclear supply and higher temperatures.

 

Meanwhile, forward electricity prices recorded gains, tracking higher gas and carbon prices. The price for the German power contract for delivery in 2020 rose by 2.2% to 52.61 EUR/MWh, while the equivalent French contract traded 1.9% higher at 54.36 EUR/MWh.

 

EU carbon prices added momentum on Friday, ahead of an impending heatwave and bullish technical indicators. As a result, the price for the contract expiring in 2019 increased by 4% to 28.89 EUR/tonne.

MHI Vestas turbines to power Scotland's 1.1-GW Seagreen offshore wind park

18/10/2019 09:36:00

MHI Vestas Offshore Wind has been picked as the preferred turbine supplier for SSE Renewables’ 1.1-GW Seagreen wind project in the Scottish part of the North Sea.

<READ MORE

China-Russia East-Route natural gas pipeline finalized

17/10/2019 14:16:00

This week, construction of the northern section of the China-Russia East-Route natural gas pipeline was finalized in China's Jilin Province. The northern part of the project stretches from the city of Heihe in Heilongjiang Province to Changling County in Jilin Province, with a distance of 1,067 kilometers.

READ MORE

Australia's Woodside aims to hit go on $11 billion gas project in early 2020

17/10/2019 14:09:00

Woodside Petroleum Ltd has pushed out the final approval date for its mammoth Browse gas project but slightly brought forward plans to sign off on its smaller Scarborough project as it races to fill an anticipated global supply gap.

READ MORE