Daily (26.12.2018): The German power contract plummeted by 92.6% on Monday, due to weaker demand ahead of holidays

26/12/2018 12:08 Daily

news

The recent agreement between OPEC and Russia on a 1.2 million bpd production cut for 2019 could not stop the decline in crude prices on Monday, as a potential rise in U.S. interest rates and trade tensions between the world’s biggest economies weighed down on the markets.

WTI crude price tumbled by 7.2% to $42.53 a barrel, while Brent oil was 6.6% down at $50.47 a barrel, or their lowest levels since August 2017.

 

Prompt UK gas prices rose on Monday, on expectations for higher gas-for-power demand due to weaker wind production. NBP spot increased by 1.9% to 66.25 p/therm in an undersupplied system. Nevertheless, prices on the curve dropped, on expectations for several LNG tankers during the week. The January 2019 delivery contract lost 2.5% to settle at 67.34 p/therm.

 

Despite forecasts for reduced wind generation, European power spot prices fell dramatically on Monday, due to lower demand ahead of Christmas holidays. The price for the day-ahead German contract tumbled by 92.6% to 19.01 EUR/MWh. The equivalent spot contract in France was 13.5% down at 39.29 EUR/MWh.

 

The EUAs extended gains on Monday, ahead of Christmas holidays. The carbon contract expiring in 2021 ended 1.1% higher at 26.50 euros a tonne, or a 3-month peak.
 

Wintershall Dea begun drilling 4 production wells on the Dvalin gas field in the Norwegian Sea

13/08/2019 08:36:00

Wintershall Dea reported today that it has begun drilling 4 production wells on the Dvalin gas field in the Norwegian Sea, getting ready for the start of production in 2020.

<READ MORE

Iberdrola to sell 40% stake in UK wind project for 1.6 bln stg

13/08/2019 08:33:00

Spanish energy firm Iberdrola has agreed to sell a 40% share in British offshore wind project East Anglia One to the Green Investment Group, it said on Monday.

READ MORE

Daily (12.08.2019): European spot power prices plummeted by nearly 70% on Friday due to a surge in renewables output

12/08/2019 11:16:00

Oil prices continued to climb on Friday, in response to weaker Euroilstock data, which showed a decrease in the total crude and product inventories of 16 European countries in July. Prices also drew support from OPEC supply cuts and Saudi Arabia’s commitment to bring the oil market back to balance. Hence, Brent crude rose by 2% to $58.53 a barrel. Concurrently, WTI futures surged by 3.7% to $54.50 a barrel, on lower production growth forecasts after U.S. drillers slashed the active oil rig count for a sixth straight week.

READ MORE