Daily (23.09.2020): European carbon prices surged by over 5% on Tuesday amid compliance buying and speculative short-covering

23/09/2020 10:28 Daily


Crude oil prices recovered slightly from the steepest one-day loss in almost two weeks following the equities’ advance and amid expectations for a second decrease on U.S. crude supplies. However, surging COVID-19 cases put a lid on gains. Hence, Brent crude for November delivery rose by 28 cents, or 0.7%, to end the session at $41.72 a barrel. Meanwhile, U.S. WTI crude increased by 1% to settle at $39.70 a barrel.

The British day-ahead gas price edged 1.1% higher at 31.25 p/therm on Tuesday amid lower renewable energy generation. Bullish oil and carbon prices supported gas prices along the forward curve, the gas price for Q1 21 delivery 0.3% higher at 40.68 p/therm.

European spot electricity prices decreased sharply on Tuesday as wind supply rebounded in France and Germany, while French nuclear availability remained steady. As a result, the German day-ahead power dived by 12.9% to 46.43 EUR/MWh, while the French equivalent contract settled at 48.76 EUR/MWh, posting a 12.2% slump day-on-day.

Year-ahead power contracts lost ground, shrugging off higher oil and carbon prices. Thus, the German Cal’21 power declined slightly by 0.4% to 41.08 EUR/MWh. Meanwhile, the similar contract in France decreased by 0.9% to 46.72 EUR/MWh.

European carbon prices jumped on Tuesday, propelled by a mix of compliance buying and speculative short-covering. In this context, EUAs expiring in 2021 surged by 5.3% to 28.08 EUR/tonne.

Daily (19.10.2020): NBP spot reached a fresh 2020 high on Friday, due to low flows from Norway and increased demand

19/10/2020 11:05:00

Crude oil prices edged lower on Friday ahead of the OPEC+ ministers’ meeting. Furthermore, doubts about demand and the worrying pace of COVID-19 pandemic also weighed on prices. Brent crude for December delivery slipped by 0.5% to settle at $42.93 a barrel, while WTI crude traded 0.2% lower at $40.88 a barrel.


Norway’s Hammerfest LNG to reopen in January

19/10/2020 09:08:00

Norway’s Hammerfest LNG isn’t expected to resume operations this year, as operator Equinor continues to carry out an investigation into a serious incident late last month.


Total to expand Indian joint venture’s solar portfolio to 2.3GW

19/10/2020 09:05:00

The portfolio of the joint venture with Adani Group’s subsidiary AGEL will soon see the addition of new solar farms