Daily (30.09.2019): European spot power prices seen in a sharp fall on Friday due to strong supply

30/09/2019 11:28 Daily

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Crude oil prices lost ground on Friday, after media reported about a potential reduction of the U.S. investment portfolio into China, raising prospects of an aggravation of the U.S.-China trade tensions. Further pressure came from a contraction in the profits earned by Chinese industrial companies in August. In addition, Saudi Arabia’s strong efforts to bring its oil output back on track sooner than expected continued to weigh on prices. Brent crude fell by 1.3% to $61.91 a barrel, while WTI futures inched down by 0.9% at $55.91 a barrel.

Weaker oil markets and ample storages put pressure on British forward gas prices on Friday. The price for delivery in Q1 2020 declined by 0.6% to 52.88 p/therm. In the meantime, NBP spot spiked by 3.2% to 25.50 p/therm, boosted by reduced pipeline supply from Norway and firmer demand caused by cooler temperatures.

 

Strong renewable and conventional power generation coupled with sluggish demand ahead of the weekend weighed heavily on European prompt power prices on Friday. The price for the German day-ahead power contract slumped by 37.3% to 24.10 EUR/MWh. Concurrently, the equivalent French contract price plunged by 23.8% to 28.37 EUR/MWh.

 

On the curve, electricity prices also retreated on Friday, tracking bearish carbon prices and oil prices, and the downward movements in gas futures. The price for the German power contract for delivery in 2020 decreased by 1.1% to 48.08 EUR/MWh, while the equivalent French contract edged 0.6% down at 50.84 EUR/MWh. 

 

EU carbon prices fell back on Friday amid a weaker energy complex pressured by concerns over a slower global economic growth. The 2020-expiry contract traded 1.3% lower at 25.54 EUR/tonne.

Daily (11.11.2019): NBP spot jumped by 7.2% on Friday due to colder weather

11/11/2019 11:08:00

Oil prices inched up on Friday despite U.S President Donald Trump not agreeing to decrease tariffs on China, but still accepting a potential deal to be struck by the end of the month. Hence, Brent crude traded 0.4% higher at $62.51 a barrel. WTI futures edged 0.2% higher at $57.24 a barrel.

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Aker BP plans early startup at Norway's Aerfugl gas field

11/11/2019 10:19:00

Oil and gas firm Aker BP will accelerate the startup of production from Norway’s Aerfugl natural gas field, the company said on Monday.

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Olkiluoto EPR start-up delayed by final checks

11/11/2019 10:17:00

Areva-Siemens has told TVO the final verification of the mechanical, electrical and the instrumentation and control (I&C) systems has to be done carefully and to a high standard.

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