Daily (08.09.2017): German year-ahead power contract at 32-month high

08/09/2017 11:17 Daily


Oil futures varied on Thursday, with Brent jumping to a 5-1/2-month peak, while U.S. crude dropped on a larger-than expected crude stock build, as the relaunch of U.S. refiners after Hurricane Harvey was countered by the threat of Hurricane Irma. 

Brent crude futures gained 29 cents, or 0.5%, to settle at $54.49 a barrel, close to yesterday’s peak of $54.79 a barrel, their highest level since April. Meanwhile, WTI crude futures fell to $49.09 barrel.

British wholesale gas prices surged on Thursday ahead of domestic fields and Nord Stream gas pipeline maintenance, which is estimated to reduce supply. Day-ahead gas contract was one of a few contracts to post a loss, down 0.47 pence, to end at 45.78 p/therm.  Nevertheless, the gas price for delivery in Winter 2017 rose by 0.24 pence at 50.39 p/therm. 


European prompt power prices headed south on Thursday under the influence of strong wind power supply in the region and on forecasts of lower consumption ahead of the weekend. German baseload power for Friday delivery dropped by 18 percent to 27.24 euros per MWh. The equivalent French day-ahead contract closed almost 8% down to 32.07 euros/MWh.


Along the power forwards curve, the German benchmark 2018 contract touched the 32-month high on Wednesday. The German baseload power contract for delivery next year was 0.12 percent up at 34.48 euros/MWh. The equivalent French year-ahead contract fell slightly to 41.01 euros/MWh.

EU carbon prices prolonged their recent sharp increase on Thursday to extend a 16-month high and surpass the €7 level for the first time this year, unfazed by a rare annulled EUA auction. The EUA carbon contract expiring in 2020 soared by more than 3% to end at 7.10 euros a tonne.

Gazprom to commence development of Kharasaveyskoye field in 2019

17/07/2018 09:23:00

Russian firm Gazprom is planning to commence the full-scale development of the Kharasaveyskoye field located north of Bovanenkovskoye in the Yamal Peninsula, in 2019.


Vattenfall inks power deal with Novo Nordisk, Novozymes

17/07/2018 09:14:00

Swedish utility Vattenfall announced Friday a long-term power purchase agreement with global healthcare company Novo Nordisk and bio innovator Novozymes, both based in Denmark.


Daily (16.07.2018): NBP spot gas price rose by 2.6% on Friday, due to an undersupplied system

16/07/2018 11:34:00

Oil prices hiked on Friday, due to the stoppage in Norway and Iraq, while a decline in supplies from Venezuela influenced the global output. Brent crude soared by 1.2% to $75.33 a barrel. Meanwhile, WTI crude settled 1% higher at $71.01, despite U.S. Secretary of State Mike Pompeo’s statement that Washington would consider granting waivers to Iran's crude buyers.