Daily (01.02.2019): EU carbon prices plunged by 3.4% on Thursday, amid weaker power prices and ahead of the German auction restart

01/02/2019 10:36 Daily

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Oil spot prices were mixed on Thursday. WTI crude declined by 0.8% to settle at 53.79 USD/bbl, on continued concerns over a sluggish global economic growth. Meanwhile, Brent crude rose by 0.4% to close at 61.65 USD/bbl, following data showing a drop in Saudi Arabia’s crude supply to the United States and the recently imposed U.S. sanctions on Venezuelan exports.

British gas prices fell on Thursday, due to expectations for stronger liquefied natural gas (LNG) arrivals and robust flows from the North Sea. An oversupplied system put pressure on the NBP spot price, which slumped by 2.4% to 53.20 p/therm, while the contract for year-ahead delivery traded 0.4% lower at 54.28 p/therm.

 

European spot electricity prices slumped on Thursday on milder weather forecasts, and stronger wind power output. The German day-ahead power price retreated by 7.3% to close at 55.48 EUR/MWh, while the equivalent French contract traded 2.7% down at 59.49 EUR/MWh.

 

Along the curve, prices also sank following weaker fuels and carbon market prices. The German power contract for delivery in 2020 recorded a 1.6% drop to end at 48.77 EUR/MWh, while the equivalent French contract lost 2.2% to settle at 51.55 EUR/MWh.
 

EU carbon prices plunged on Thursday ahead of Germany’s first auction in almost three months and falling power prices. The price for the 2021-expiry contract was 3.4% down at 23.27 EUR/tonne.

 

Daily (23.04.2019): Oil prices surged by 2.9% on Monday after U.S. commitment to cancel waivers on Iranian crude imports

23/04/2019 10:50:00

Crude oil prices jumped to a 2019 high on Monday, on prospects of a tighter supply raised by U.S. commitment to end all sanction waivers as of May 1 for the eight countries that import Iranian oil. Ongoing U.S. sanctions against Iran and Venezuela, as well as OPEC’s production cuts also supported prices. Brent crude soared by 2.9% to $74.04 a barrel, while WTI futures surged by 2.4% to $65.55 a barrel.

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Gazprom sees output falling as European gas demand declines

23/04/2019 09:53:00

Gazprom PJSC forecasts a conservative natural gas production outlook for 2019, based on warm weather and growing competition from Russian-piped super-chilled fuel.

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BP, partners to go ahead with $6bn ACE project offshore Azerbaijan

23/04/2019 09:47:00

BP and its partners in the Azeri-Chirag-Gunashli field (ACG field) have approved the $6bn Azeri Central East project (ACE project), which marks the next stage of development of the super-giant offshore Azerbaijani oilfield in the Caspian Sea.

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