Daily (25.10.2019): Carbon prices surged by around 2.8% on Thursday amid a firmer energy complex ahead of the key Brexit vote

25/10/2019 11:00 Daily


Crude oil prices continued to rise on Thursday after a surprise fall in the U.S. crude stockpiles last week. Hopes for deeper supply cuts from OPEC also supported prices. However, persistent crude demand worries reduced gains. Consequently, Brent crude traded 0.8% higher at 61.67 USD/bbl. At the same time, WTI futures edged up by 0.5% at 56.23 USD/bbl.

UK forward gas prices reversed trend to increase on Thursday, following the bullish evolution in the oil and carbon markets. The July 2020 delivery contract price gained 1.8% to end at 40.34 p/therm. Nevertheless, expectations for lower demand and firmer supplies pushed the NBP spot down by 1.3% to 25.85 p/therm. Abundant gas storages also kept the spot price under pressure.


European day-ahead electricity prices dropped on Thursday. The price for the German day-ahead power contract dipped by 6.5% to 36.11 EUR/MWh, pressured by an expected surge in wind power output and falling demand. At the same time, the equivalent French contract price declined by 2.2% to 38.34 EUR/MWh amid steady nuclear power output.


Forward electricity prices diverged slightly on Thursday. The German power contract for delivery in 2020 was 0.1% firmer at 47.33 EUR/MWh supported by higher carbon prices and stronger fuel contracts. In the meantime, the price for the equivalent French contract was almost unchanged at 50.22 EUR/MWh, amid receding worries over the French nuclear availability after the official clearance of the six French nuclear plants.


EU carbon prices rebounded amid firmer fuel contracts and speculative buying on Thursday. The price for the 2019-expiry contract jumped by 2.8% to 25.44 EUR/tonne. Persistent Brexit uncertainty in anticipation of a key Brexit vote on the extension of the 31 October deadline could increase volatility in prices.

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.


Power of Siberia Pipeline Nearing Completion

02/12/2019 08:56:00

2020 will mark the start of Russian-piped gas exports to Chinese cities including Beijing, Harbin and Shanghai.


Daily (29.11.2019): French spot power price up 18% on Thursday on less nuclear availability and stronger demand

29/11/2019 10:40:00

Crude oil prices diverged on Thursday, with WTI edging higher on intensified tensions between the US and China after President Donald Trump signed a bill backing protesters in Hong Kong. Despite a higher-than-expected rise in crude and gasoline inventories and a record peak in US production, WTI rose by 0.2% to settle at $58.25 a barrel. However, its European equivalent, Brent crude ended 0.3% down at $63.87 a barrel, extending losses hit in the previous session.