Daily (29.10.2019): The German spot power price skyrocketed by nearly 140% on Monday amid low wind and strong demand due to a cold spell

29/10/2019 11:41 Daily


Oil prices lost momentum on Monday, as traders expected a rise in the U.S. crude inventories. Moreover, the outlook for the global crude demand dimmed further because of pessimistic industrial data in China, weighing on the market sentiment. Consequently, Brent crude inched down by 0.7% to $61.57 a barrel, while WTI futures dropped by 1.5% to $55.81 a barrel. 

British wholesale gas prices weakened on Monday, under the influence of firmer domestic supply from the UK Continental Shelf following an outage at the Forties pipeline. More pressure came from a high number of LNG cargoes due to arrive in Britain by November 9. Hence, the NBP spot price tumbled by 5.9% to 26.35 p/therm. On the curve, the Q1 2020 delivery contract traded 2% lower at 45.57 p/therm. 


European spot power prices increased sharply on Monday, rebounding after a previous steep fall, as colder weather boosted demand. Reduced wind generation also stimulated prices. The German spot power price skyrocketed by 138.1% to 48.11 euros/MWh. In the meantime, the French day-ahead power price spiked by 85.7% to 48.57 euros/MWh. 


Further along the curve, electricity prices remained bearish on Monday, in response to weaker oil, gas and coal markets. The German power contract for delivery in 2020 edged 0.6% lower at 46.67 euros/MWh. The price for the equivalent French power contract decreased by 0.8% to end at 49.48 euros/MWh. 


European carbon prices reversed earlier losses on Monday, boosted by news that the EU agreed to delay the Brexit deadline until January 31, 2020. However, a sluggish energy complex limited gains. The price for the contract expiring in 2019 was 0.6% higher at 25.12 euros/tonne.

Daily (02.12.2019): Brent crude down 2.3% on Friday, but 6 % higher on a monthly basis due to a potential extension of production cuts by OPEC

02/12/2019 10:12:00

Oil prices tumbled on Friday on new tensions between China and the US, but settled higher on a monthly basis on hopes for OPEC+ extension of production cuts beyond March.


EBRD extends €17m loan to Georgia for 175 electric buses

02/12/2019 09:07:00

The EBRD is extending a €17 million (£14.5m) sovereign loan to Georgia in order to fund electric bus deployment.


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.