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

29/11/2018 11:48 Daily

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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 (08.08.2019): Oil prices plummeted by over 4.5% on Wednesday, due to a buildup in U.S crudes stockpiles and China-U.S. trade war

08/08/2019 11:21:00

Oil prices decreased on Wednesday reaching a seven-month low, following a surprise accumulation in U.S. crude stockpiles. Moreover, worries that oil demand will shrink due to China – U.S. escalating trade war also put pressure on prices. Hence, Brent crude fell by 4.6% to $56.23 a barrel, while WTI futures traded 4.7% lower at $51.09 a barrel

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Novatek seals Arctic LNG 2 deal with partners and subcontractor

08/08/2019 08:45:00

Russia’s largest private natural gas extractor and liquefied natural gas (LNG) producer Novatek has entrusted a new subcontractor with building gas liquefaction facilities for Arctic LNG 2, its second LNG project to be developed in the Arctic.

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Energy bills to fall by £75 as Ofgem lowers price cap

08/08/2019 08:36:00

Energy bills are set to fall by around £75 for millions of households in Britain this winter after Ofgem announced a reduction in the price cap.

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