Daily (8.07.2019): NBP day-ahead jumped by 9.6% on Friday, due to outages at the Nyhamma gas plant

08/07/2019 11:09 Daily

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Oil prices reversed trend adding gains on Friday, bolstered by the rising tensions in Iran and a decision by OPEC and its allies to extend oil supply cuts until next year. Nevertheless, weak manufacturing data from around the globe limited oil gains. As a result, Brent crude climbed by 1.5% to $64.23 a barrel, while WTI futures inched up by 1.3% to $57.51 a barrel.

British gas prices added ground on Friday, influenced by an undersupply in the system due to an outage at Nyhamma gas plant. As a result, NBP day-ahead jumped by 9.6% to 29.70 p/therm, while the contract for Q1 20 delivery closed 1.6% up at 53.30 p/therm.

 

European prompt power prices posted losses on Friday, amid falling demand projections. The price for the German day-ahead power contract dropped by 15.6% to 29.76 EUR/MWh due to high wind power output, while the equivalent French contract ended 13.3% higher at 29.34 EUR/MWh, influenced by high supply availability.

 

Meanwhile, forward electricity prices edged higher, tracking stronger gas and carbon markets. The price for the German power contract for delivery in 2020 rose by 2% to 49.34 EUR/MWh, while the equivalent French contract traded 0.6% higher at 51.17 EUR/MWh.

 

EU carbon prices increased on Friday, supported by  higher auction supply. The price for the contract expiring in 2020 increased by 1.4% to 26.73 EUR/tonne.

Iberdrola to sell 40% stake in UK wind project for 1.6 bln stg

13/08/2019 08:33:00

Spanish energy firm Iberdrola has agreed to sell a 40% share in British offshore wind project East Anglia One to the Green Investment Group, it said on Monday.

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Daily (12.08.2019): European spot power prices plummeted by nearly 70% on Friday due to a surge in renewables output

12/08/2019 11:16:00

Oil prices continued to climb on Friday, in response to weaker Euroilstock data, which showed a decrease in the total crude and product inventories of 16 European countries in July. Prices also drew support from OPEC supply cuts and Saudi Arabia’s commitment to bring the oil market back to balance. Hence, Brent crude rose by 2% to $58.53 a barrel. Concurrently, WTI futures surged by 3.7% to $54.50 a barrel, on lower production growth forecasts after U.S. drillers slashed the active oil rig count for a sixth straight week.

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Tullow makes first oil discovery on Orinduik license offshore Guyana

12/08/2019 09:03:00

Tullow Oil has made an oil discovery at its Jethro-1 exploration well, drilled on the Orinduik license offshore Guyana.

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