Daily (29.03.2019): EU Carbon Prices Up by Nearly 2% on Thursday

29/03/2019 10:45 Daily

news

Oil prices ended close to an equilibrium on Thursday after initially dropping in the wake of a new call from US President Donald Trump for an increase in OPEC’s production in order to bring rising prices down. Brent crude was almost steady at $67.82 a barrel, while WTI futures slipped by 0.2 % to $59.30 a barrel, as losses were capped by constant support from OPEC-led supply cuts and U.S. sanctions on Venezuelan and Iranian exports.

Thursday saw a decline in the UK gas prices, driven by short-term forecasts for slightly milder weather and expected robust LNG supplies. Bearish coal prices also weighed on prices. The contract price for delivery in June 2019 spiked by 2.8% to 34.98 p/therm. Meanwhile, NBP spot was 0.9% down at 37.10 p/therm, as lower Norwegian flows limited a further decrease.

 

European day-ahead electricity prices lost ground on Thursday, due to a weaker demand caused by rising temperatures ahead of the weekend. Stronger power generation from renewable sources put more pressure on prices. The German spot power price slumped by 5.8% to 39.85 EUR/MWh. In the meantime, the price for the equivalent French contract fell by 2.8% to 39.34 EUR/MWh.

 

Along the forward curve, power prices posted modest gains on Thursday, influenced by higher carbon prices. The price for the German power contract for delivery in 2020 added 0.3% to close at 47.43 EUR/MWh. The equivalent French contract edged up by 0.4% at 50.62 EUR/MWh.

 

European carbon prices extended their winning streak into a fourth consecutive day, reaching again the €22 level, lifted by a supportive technical backdrop and a bullish outlook. The price for the 2020-expiry contract increased by 1.9% to 22.58 EUR/tonne.

 

Daily (15.05.2019): Brent crude rose by 1.4% on Tuesday, after a drone attack on a Saudi Arabia oil firm

15/05/2019 11:19:00

Crude oil prices soared on Tuesday, after the attack of the Yemeni explosive-charged drones on Saudi Arabia’s oil firm, Aramco, which shortly halted pumping. However, production and oil exports continued without disruption. Meanwhile, China-US trade negotiations are still not settled. As a result, Brent crude rose by 1.4% to $71.24 a barrel, while WTI futures traded 1.2% higher at $61.78 a barrel.

<READ MORE

ICGB selects Greece's J&P-Avax to build Greece-Bulgaria gas link

15/05/2019 09:29:00

ICGB, the project company developing the Gas Interconnector Greece-Bulgaria, said on Tuesday it has picked Greece's J&P-Avax to buid the gas link for 144.8 million euro ($162.6 million).

READ MORE

Nordex unveils 350-MW US deal for 4-MW class turbines

15/05/2019 09:26:00

German wind turbine maker Nordex today announced an order for 350 MW of its Delta4000 machines from an unnamed energy supplier in the US.

READ MORE