Daily (29.11.2018): NBP spot gas price lost almost 5% on Wednesday, due to an oversupplied system

29/11/2018 11:48 Daily

news

A decrease in oil crude prices was seen on Wednesday due to global oversupply. The price for Brent declined by 2.4% to $58.76 a barrel, or more than 30% down from a 4-year high reached in October. OPEC is planning a summit in Vienna next week to discuss the necessity of output reductions. Meanwhile, WTI crude traded 2.5% down at $50.29 a barrel.

British gas prices fell on Wednesday, as stronger production from wind farms weighed down on gas-for-power demand. Consequently, NBP spot price tumbled by 4.8% to 62.1 p/therm. Summer 2019 delivery contract settled 3% lower at 55.24 p/therm, as several LNG vessels are expected by the end of the week. 

 

On Wednesday, European prompt power prices diverged. The Germany electricity spot price for Thursday delivery dropped by 4.9% to 50.4 euros/MWh, due to forecasts for higher wind generation and milder weather. On the other side, the price for the French equivalent contract edged 0.2% higher at 62.38 euros/MWh, after an unscheduled outage at EDF’s Gravelines 3 power plant. 

 

On the forward electricity curve, prices declined, pulled down by bearish coal, gas and carbon markets. The German Cal’19 baseload electricity price fell 1.2% to end at 51.98 euros/MWh, while the French contract for 2019 delivery traded 0.9% down at 56.77 euros/MWh.

 

The bearish trend in EUAs prices on Wednesday was caused by a pessimistic outlook from traders and an abundant UK auction that cleared at a huge discount. The carbon contract expiring in 2020 closed 1.5% down at 20.18 euros a tonne.
 

Daily (16.05.2019): British forward gas prices rose by almost 2% on Wednesday, tracking the bullish trend in oil prices

16/05/2019 10:36:00

Crude oil prices rose on Wednesday, due to the conflict in the Middle East that could disturb global supplies. Meanwhile, a surprise rise in U.S. crude stocks limited the gains. Brent crude climbed by 0.7% to $71.77 a barrel, while WTI futures settled 0.4% up at $62.02 a barrel.

<READ MORE

Gazprom confirms first gas via TurkStream by December

16/05/2019 09:15:00

Russia's Gazprom expects to send its first gas through the TurkStream natural gas pipeline to Turkey by the end of December, Gazprom's deputy chairman Vitaly Markelov said late Tuesday.

READ MORE

GE Steam Power and partners synchronize 900MW power unit to Polish grid

16/05/2019 09:03:00

GE Steam Power, Polska Grupa Energetyczna (PGE) and the GE-led consortium partners have synchronized the Opole Unit 6, with 900MW generating capacity, to the Polish grid.

READ MORE