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

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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.

Daily (05.12.2019): Oil prices skyrocketed about 4% on Wednesday ahead of the OPEC meeting

05/12/2019 10:41:00

Crude oil prices skyrocketed on Wednesday, buoyed by hopes of deeper production cuts from OPEC and its allies and following a larger-than-expected drop in U.S. stockpiles. Brent crude soared by 3.6% to settle at $63 a barrel. WTI crude gained 4.2%, closing at $58.43 a barrel. It was its third straight day of gains, and its best day since September.

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France's EDF extends Cruas 2 nuclear reactor outage to Saturday

05/12/2019 09:13:00

French utility EDF on Wednesday extended the outage at its 900 MW Cruas 2 nuclear reactor by two days until Saturday, adding that resumption of power generation could be delayed by ongoing safety checks following an earthquake.

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Total to supply LNG fuel to CMA CGM vessels for 10 years

05/12/2019 09:09:00

French energy major Total and compatriot shipping company CMA CGM have signed an agreement for the supply of approximately 270,000 tonnes of LNG per year over ten years.

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