Daily (30.06.2020): NBP spot surged by 10.7% on Monday amid short system, cooler temperatures

30/06/2020 09:45 Daily


Crude oil futures started the week on the front foot, as bullish equity market counterbalanced investors’ concerns over the evolution of the Covid-19 pandemic and the return of containment measures, that could adversely affect demand. Hence, Brent crude rose by 69 cents, or 1.7%, to settle at $41.71 a barrel. At the same time, U.S. WTI crude soared by $1.21, or 3.1%, to end at $39.70 a barrel.

British near-term gas prices firmed on Monday as UK experienced higher consumption due to cooler temperatures and as flows from Langeled pipeline declined. As a result, NBP spot jumped by 10.7% to 15.00 p/therm, while the gas price for August delivery surged by 12.7% to 16.12 p/therm. On the curve, the gas price for Summer 2021 gained 3.7% at 30.80 p/therm, tracking higher oil prices.

European spot electricity prices diverged on Monday, with the German spot price decreasing sharply by 31.6% to 18.35 as windsupply is expected to more than double in Germany. On the other side, the French day-ahead contract increased considerably by 28.3% to 34.36 EUR/MWh amid robust demand.

Year-ahead power prices posted modest gains, tracking a bullish energy complex. Thus, the German Cal’21 power added 0.6% to 40.64 EUR/MWh, while the equivalent contract in France was rather flat at 47.70 EUR/MWh.

EUAs expiring in 2021 rallied by 7.5% to 26.94 EUR/tonne on Monday, the highest level so far this year, supported by a strong auction and widespread short-covering.

Russia's Novak sees global oil output cuts easing from August

06/07/2020 09:56:00

Russian Energy Minister Alexander Novak said on Thursday that the OPEC+ group of oil producers is expected to start easing oil output cuts from August as previously agreed.


Germany passes ‘coal-exit’ law to phase out fossil fuels by 2038

06/07/2020 09:50:00

German lawmakers have voted a roadmap for the coal-free era in the country, which includes abandoning nuclear power by 2022


Daily (03.07.2020): Brent and WTI settled on Thursday at their highest levels since March amid lower U.S. unemployment rate

03/07/2020 09:49:00

Crude oil futures posted a second consecutive day of gains on Thursday, with Brent and WTI hitting their highest levels since March 6, after a decline in U.S. unemployment rate and a sharp drop in crude stockpiles earlier this week. Hence, Brent crude for September delivery soared by $1.11, or 2.64%, to settle at $43.14 per barrel. At the same time, U.S. WTI crude edged 83 cents higher, or 2.08%, to end at $40.65 per barrel.