Daily (24.06.2019): NBP spot surged by 2.2% on Friday tracking the rise in oil prices

24/06/2019 11:10 Daily


Oil prices surged on Friday on fears that the United States could attack Iran, which might lead to disrupted flows from the Middle East. Brent crude gained $0.75, or 1.2%, to close at $65.20 a barrel. WTI futures added $0.38, or 0.6%, to close at $57.43 a barrel.

British wholesale gas prices had an upward trend on Friday, tracking higher oil prices. Despite expectations for more LNG cargoes from Qatar, the NBP day-ahead gas price rose by 0.40 pence, or 2.2%, to settle at 27.60 pence/therm. At the same time, Winter 2019 delivery contract settled 2.3% higher at 51.36 pence/therm.

European prompt power prices fell on Friday on predictions for higher renewable electricity output. German day-ahead power price tumbled by 18.3% to 31.63 euros/MWh. The French spot power price sank by 28.3% to 24.31 euros/MWh.

Further along the curve, electricity prices soared on Friday amid a bullish energy complex. The German power contract for delivery in 2020 settled 1.3% higher at 47.52 euros/MWh. The French equivalent  contract ended 1% up at 50.49 euros/MWh.

European carbon prices were bullish on Friday due to a stronger gas market and a consolidated energy complex. A stronger euro which hit the highest level in three weeks also supported prices. The 2020- expiry contract ended 0.8% higher at 25.61 euros/tonne.

Daily (02.12.2019): Brent crude down 2.3% on Friday, but 6 % higher on a monthly basis due to a potential extension of production cuts by OPEC

02/12/2019 10:12:00

Oil prices tumbled on Friday on new tensions between China and the US, but settled higher on a monthly basis on hopes for OPEC+ extension of production cuts beyond March.


EBRD extends €17m loan to Georgia for 175 electric buses

02/12/2019 09:07:00

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


Saipem wins two offshore windfarm contracts worth €750m

02/12/2019 08:59:00

Italian engineering firm Saipem has been awarded two contracts worth €750m to help build two windfarms off the coasts of Scotland and Taiwan.