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.

Daily (09.07.2020): Higher Norwegian flows led to an oversupply in the British gas system on Wednesday

09/07/2020 10:55:00

Crude oil prices added momentum on Wednesday, following an increase in U.S. crude imports and a weekly decline in gasoline supplies that indicated an improvement in energy demand. Hence, Brent crude traded 0.5% higher at $43.29 a barrel. At the same time, WTI futures edged 0.7% higher at $40.90 a barrel.


Equinor discovers gas, condensate in North Sea

09/07/2020 09:22:00

Proven reserves are between 3 and 10 million standard cubic meters of recoverable oil equivalent


‘Hydrogen is the rockstar of the energy system’

09/07/2020 09:05:00

The European Commission has pledged to support the installation of at least 6GW of renewable hydrogen electrolysers in the EU by 2024