Daily (07.09.2018): Carbon Contracts gained more than 5% on Thursday, due to limited allowance supply

07/09/2018 15:32 Daily

news

Oil crude prices extended losses on Thursday, on worries about China’s demand amid growing trade disputes. Moreover, gasoline and distillate stocks at Cushing, Oklahoma delivery hub were at their highest level in four years, pressuring prices. Brent crude decreased by 1% to close at $76.50 a barrel, while WTI crude slumped by 1.4% to $67.77 a barrel.

After the impact of last week’s unscheduled shutdowns, UK gas contract prices continued to gain ground on Thursday, due to a slightly undersupplied system. NBP spot price jumped by 1.5% to 73.50 p/therm. October 2018 delivery contract traded 1.7% higher at 72.39 p/therm, on forecasts for cooler weather.

 

Lower demand due to approaching holidays and higher wind and nuclear outputs led to a decline in European power prices on Thursday. Both German and French electricity contracts for day-ahead delivery have been affected, decreasing by 4.4% to settle at 62.43 EUR/MWh and by 2.8% to close at 65.10 EUR/MWh respectively.

 

On the power curve, electricity prices had a bullish evolution, in line with related coal and carbon markets. The Cal’19 contracts were 2.4% up at 58.10 and 52.95 EUR/MWh, in France and Germany respectively.

 

EU carbon contracts were bullish on Thursday, because power prices continued to rise and new allowance supply was curbed in a rare auction-free session. Carbon prices rose by more than 1 euro per contract after previous declines, surpassing the €21 level. The contract expiring in 2020 settled 5.3% up at 22.23 euros a tonne.

 

Norway approves PDO for Equinor’s Troll phase 3 project

10/12/2018 09:19:00

The Norwegian Ministry of Petroleum and Energy has approved Equinor and its partners’ plan for development and operation (PDO) of the NOK7.8bn ($920m) Troll Phase 3 development in the North Sea.

<READ MORE

The Israel-Europe pipeline- a strategic umbilical cord

10/12/2018 09:14:00

After two years in intense negotiations, shadowed by on-off parallel talks with Turkey, Israel has agreed with European nations to supply the European Union with its future natural gas needs. The project will turn Israel into a significant fuel-exporting nation.

READ MORE

Scottish wind power output breaks 100% output milestone

10/12/2018 09:09:00

Wind output in Scotland has broken through the 100% threshold for the first time with 109% of total electricity demand being met from renewables, according to new data.

READ MORE