Daily (22.10.2019): NBP spot turned bearish to plunge by 17.8% on Monday, on rising flows via the Langeled pipeline

22/10/2019 10:44 Daily

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Crude oil prices traded lower on Monday, as the U.S. commerce secretary said that an initial China-U.S. trade deal does not need to be finalized next month, stoking concerns over global economic growth. Reports showing that Russia oil output surpassed OPEC+ quota also weighed on prices. However, slighlty higher European shares due to a potential optimistic Brexit deal limited losses. Hence, WTI futures fell by 0.9% to $53.31 a barrel, while Brent crude edged 0.8% down at $58.96 a barrel.

A rise in flows via the Langeled pipeline led to an oversupply in the system, putting pressure on British day-ahead gas price. NBP spot tumbled by 17.8% on Monday, to end at 22.60 p/therm. On the curve, gas prices also declined due to weaker oil prices. The Q1 2020 delivery contract lost 2.8% to close at 47.67 p/therm.

 

European prompt power prices grew sharply on Monday due to forecasts for cooler weather, lower wind generation and stronger demand. The French prompt power price soared by 41.5% to 46.83 EUR/MWh, while the German equivalent contract closed 43.4% higher at 47.45 EUR/MWh.

 

Further on the curve power prices were also bullish, tracking higher carbon prices. The German contract for next-year delivery edged 0.5% higher at 48.82 euros/MWh. The price for the equivalent French contract increased by 0.6% to 51.63 euros/MWh.

 

European carbon prices edged higher on Monday, on expectations for a softer Brexit deal. The price for the 2021-expiry contract nudged 0.1% higher at 26.46 EUR/tonne.

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02/12/2019 10:12:00

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The EBRD is extending a €17 million (£14.5m) sovereign loan to Georgia in order to fund electric bus deployment.

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