Daily (23.05.2019): European carbon prices spiked by nearly 4% on Wednesday, on looming tight supply and higher gas prices

23/05/2019 11:48 Daily


Crude oil prices dropped on Wednesday, after data showed that U.S. crude inventories surged unexpectedly amplifying concerns over a weaker oil demand raised by the lengthy U.S.-China tariff dispute. WTI futures closed 2.7% lower at 61.42 USD/bbl, in tandem with falling equities. On the other side, rising tensions between Washington and Iran coupled with OPEC’s intentions to continue output cuts helped limit the fall in prices. As a result, Brent crude price dropped by 1.7% to 70.99 USD/bbl. 

UK wholesale gas prices rose on Wednesday, amid reduced Norwegian flows and expectations for robust consumption on forecasts for cooler temperatures in the coming week. The NBP spot added 1% to end at 30.00 p/therm. Along the curve, the contract for delivery in October 2019 increased by 1.7% to 42.01 p/therm.


European day-ahead electricity prices diverged on Wednesday. The price for the German spot power contract jumped by 1.5% to 40.67 EUR/MWh, as limited wind generation outweighed a stronger solar power output. In the meantime, the equivalent French contract lost 1.1% to settle at 39.67, in anticipation of firmer nuclear availability and lower consumption.


Along the curve, power prices spiked on Wednesday, following the bullish movements on the carbon and gas markets. The German power contract for delivery in 2020 traded 2.3% higher at 49.12 EUR/MWh, while the equivalent French contract was 2.1% up at 51.15 EUR/MWh.


EU carbon prices added ground for the third straight day on Wednesday, stimulated by the tight supply outlook for next week as well as the upward evolution in gas prices. The price for the contract expiring in 2020 soared by 3.9% to 26.61 EUR/tonne.

Iberdrola secures its first 149 MW of solar in Portugal

09/08/2019 08:50:00

Spanish power utility Iberdrola SA confirmed Thursday it had been awarded 149 MW of solar photovoltaic (PV) capacity in Portugal’s recently completed solar auction.


Spain’s LNG imports jump in June

09/08/2019 08:49:00

Spain’s imports of liquefied natural gas (LNG) jumped 48.9 percent in June when compared to the corresponding month last year, according to the monthly data by the LNG terminal operator Enagás.


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