Daily (26.11.2020): European power prices soared on Wednesday amid colder weather outlook and lower wind generation

26/11/2020 10:33 Daily


Crude prices hit an eight-month high on Wednesday, supported by a drop in US oil stocks, progress on the coronavirus vaccine and optimism ahead of the next OPEC+ summit. As such, Brent crude rose by 1.6% to $48.61 a barrel, while WTI oil ended 1.8% higher at $45.71 a barrel.

Wednesday trading saw a boosted prospect in gas for heating demand amid colder weather outlook, thus pushing the NBP spot price 3.1% higher at 40.00 p/therm. At the same time, an increase in oil prices lent support to gas contracts on the curve. As a result, the Summer 2021 gas contract traded 0.9% higher at 32.70 p/therm.


European power prices jumped on Wednesday on the back of colder weather outlook and lower wind generation. As a result, the German day-ahead power prices closed 20.7% higher at 56.55 EUR/MWh, while the French spot power price soared by 15.2% at 54.68 EUR/MWh.


Contracts on the curve also gained ground on Wednesday, supported by stronger fuel prices. Hence, the German Cal’21 power contract traded 2.7% higher at 41.05 EUR/MWh, while its French counterpart ended 2.9% up at 44.76 EUR/MWh.


European CO2 prices were almost unchanged on Wednesday, despite progress on the coronavirus vaccine and positive hopes for a smooth US presidential transition. Hence, the EUA expiring in December 2020 closed rather flat at 27.62 EUR/tonne.

Daily (02.03.2021): Oil prices fell sharply on Monday amid jitters that OPEC will raise output

02/03/2021 09:24:00

Crude oil futures extended losses on Monday amid supply concerns ahead of the OPEC+ key meeting on Thursday, rising output from Venezuela, and weak crude demand from China. Hence, Brent crude settled at $63.69 a barrel, dropping by $2.44, or 3.7%. Meanwhile, U.S. WTI crude fell by 0.86 cents or 1.4%, to end at $60.64 a barrel.


Lithuania to start supplying LNG to Poland next year

02/03/2021 08:57:00

Lithuanian state-controlled energy company Ignitis Group will start supplying liquefied natural gas (LNG) to Poland next year when a new pipeline between the two countries comes online, its CEO said on Monday.


ENA brings more flexibility to the grid with contract update

02/03/2021 08:53:00

The Energy Networks Association (ENA) has updated its standardised flexibility contract used across the energy sector to offer more transparency and increase accessibility.