Daily (10.08.2017): European spot electricity prices rose sharply on Wednesday

10/08/2017 14:40 Daily

news

Oil prices increased above $52 a barrel on Wednesday as U.S. crude inventories last week fell more than expected. This drop raised hopes that an OPEC-led effort to wipe out a 3-year, price-sapping supply glut is working. Brent surged by 1.07% to close at $52.70 a barrel, while WTI price rose by almost 0.8% to end at $49.56 a barrel. 

UK wholesale gas prices rose on Wednesday as an unplanned outage at the Cygnus gas field restricted flows into the Bacton receiving terminal, reducing overall UK supply and lifting prices. Undersupplied transmission network, coupled with the expectation of more gas-for-power demand helped boost prices. The NBP spot contract edged 3.65% up to 42.60 p/therm. Most of the future contracts increased by 0.7%-1.5%. Further along the curve, the price for Winter 2017 delivery increased by 1.26%.

 

European spot electricity prices rose sharply on Wednesday on forecasts of lower wind and solar production while demand eased as temperatures next week will make up for the current decline in Germany again, and could jump by nearly 4 degrees in France. Both German and French spot power contracts soared by 17.31% and 16.27% respectively to settle at 35.51 euros/MWh. On the electricity forward curve, with coal and oil prices down and carbon higher, the German Cal 2018 benchmark price rose by 1.31% at 31.62 euros/MWh. The less liquid French Cal 2018 power contract edged slightly higher by 0.76% to settle at 37.15 euros/MWh.

 

European carbon prices jumped by 1.8% on Wednesday after the UK’s auction entranced the biggest premium for a week, fortifying confidence that demand will keep supporting the prices over the summer period. The EUA Cal 2018 settled at 5.41 euros/ton, while the EUA 2020 contract ended at 5.56 euros/ton.

Daily(13.07.2018): NBP spot price fell by 2.5% on Thursday due to expectations for lower demand

13/07/2018 11:21:00

Oil prices were mixed on Thursday, spurred by news that the U.S. market has been undersupplied due to the loss of some Canadian oil production. Brent crude surged by 1.4% to $74.45 a barrel. Meanwhile, WTI crude edged 0.1% lower at $70.33 a barrel, as inventories at the Cushing delivery hub had fallen by almost 1M barrels.

<READ MORE

Siemens shines for Vietnam solar

13/07/2018 09:38:00

Siemens has won an electrical balance of plant contract to supply systems to Trung Nam Group for a 258MW solar farm in Vietnam.

READ MORE

Savannah makes oil discovery at Kunama-1 exploration well in Niger

13/07/2018 09:13:00

The oil find at the Kunama-1 well, which was drilled by the GW 215 Rig to a total measured depth of 2,460m, marks the firm’s third consecutive discovery in its maiden exploration campaign in the R3 portion of the R3/R4 PSC Area in ARB.

READ MORE