Daily (15.07.2019): NBP spot surged by 4.7% on Friday, due to rising gas-for-power demand ahead of an expected 3-day hot spell

15/07/2019 10:29 Daily


Crude oil prices slightly rose on Friday, after a tropical storm in the Gulf of Mexico caused disruptions in the local production, while tensions between Iran and the West continued to mount. Consequently, Brent crude traded 0.3% higher at $66.72 a barrel. However, forecasts for a global oil supply glut from the International Energy Agency and OPEC limited the gains, with WTI futures remaining almost flat at $60.21 a barrel.

Friday saw a surge in the British gas prices, as forecasts of a three-day hot spell and an expected increase in air conditioning energy consumption lifted gas-for-power demand. The NBP spot price soared by 4.7% to 35.85 p/therm, while the contract price for delivery in Winter 2019 hiked by 2.5% to 56.17 p/therm.


EU carbon prices hit a new 11-year high on Friday, extending gains into a third straight auction, amid renewed speculative buying, upward technical factors and weaker supply. Stronger gas prices lent more support to prices. As a result, the price for the 2020-expiry contract jumped by 1.8% to 29.19 EUR/tonne.


European prompt electricity prices tumbled on Friday, as comfortable weather reduced demand for cooling. The price for the German day-ahead power contract plunged by 17.7% to 37.24 EUR/MWh, pressured by stronger renewables generation. At the same time, the price for the equivalent French contract dipped by 11% to 36.44 EUR/MWh, amid steady nuclear availability.


Further on the curve, power prices remained bullish, supported by the upward evolution in carbon, gas and oil prices. The German power contract for delivery in 2020 ended 0.8% higher at 52.25 EUR/MWh, while the equivalent French contract advanced by 0.9% to 54.11 EUR/MWh.

China-Russia East-Route natural gas pipeline finalized

17/10/2019 14:16:00

This week, construction of the northern section of the China-Russia East-Route natural gas pipeline was finalized in China's Jilin Province. The northern part of the project stretches from the city of Heihe in Heilongjiang Province to Changling County in Jilin Province, with a distance of 1,067 kilometers.


Australia's Woodside aims to hit go on $11 billion gas project in early 2020

17/10/2019 14:09:00

Woodside Petroleum Ltd has pushed out the final approval date for its mammoth Browse gas project but slightly brought forward plans to sign off on its smaller Scarborough project as it races to fill an anticipated global supply gap.


Daily (17.10.2019): NBP spot slumped by over 8% on Wednesday amid firmer Norwegian exports and lower gas-for-power demand

17/10/2019 11:38:00

Speculations about a potential extension of crude supply cuts by OPEC and its allies as of December led to a recovery in crude oil prices on Wednesday. The greenback’s slide coupled with short covering in anticipation of an industry report on U.S. crude inventories also contributed to the market rally. Still, concerns over tighter crude demand and expectations for higher crude stocks in the U.S. limited gains. Against that backdrop, Brent crude rose by 1.2% to 59.42 USD/bbl, while WTI futures advanced by 1% to 53.36 USD/bbl.