Daily (12.10.2018): NBP spot price plummeted by almost 9% on Thursday, due to an oversupplied system

12/10/2018 11:24 Daily

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Oil crude prices ended lower on Thursday, following a drop in global stock markets, as the Dow Jones took its biggest plunge since February on Wednesday. Moreover, the investor sentiment was affected by an industry report, which revealed an unexpected rise in U.S. crude oil supply. Consequently, the WTI crude closed 3% down at $70.97 a barrel, while Brent oil fell by 3.4% to $80.26 a barrel. 

British wholesale gas prices were strongly bearish on Thursday, as a dip in oil prices and above average temperatures coupled with a high wind supply curbed the demand for gas. NBP spot price plunged by 8.7% to reach 71.50 p/therm. Further along the curve, the Summer 2019 delivery contract settled 2.1% lower at 59.69 p/therm.

European spot power prices were mixed on Thursday. As such, the electricity price for day-ahead delivery gained 4.5% to settle at 56.77 EUR/MWh in Germany, due to anticipations of a fall in wind power output. Meanwhile, the equivalent contract in France dropped by 5.9% to end at 61.49 EUR/MWh, on expectations for lower demand.

 

Along the forward electricity curve, contracts experienced extended losses on Thursday amid a period of intense selling of CO2 European Emission Allowances triggered by declining prices, as well as wider market weakness. The German 2019-delivery contract dropped by 2.5% to end at 51.96 EUR/MWh. Meanwhile, the French equivalent contract traded 2.7% down at 56.07 EUR/MWh.

 

On Thursday, the European carbon contracts recovered from losses posted earlier in the week, despite mostly lower energy prices. The price for the contract expiring in 2021 was 0.8% higher at 22.48 euros a tonne.

 

Daily (20.03.2019): EU carbon prices fell by more than 3% on Tuesday, due to a bearish energy complex and continued Brexit uncertainty

20/03/2019 10:12:00

Crude prices diverged slightly on Tuesday. On one side, prices were supported by OPEC-led supply cuts OPEC. On the other side, rising U.S. output put pressure on the market. Brent crude edged 0.1% higher at $67.61 a barrel, while WTI crude traded 0.1% lower at $59.03 a barrel.

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UK offshore oil and gas production up by a fifth over past five years

20/03/2019 10:02:00

UK offshore oil and gas production has increased by a fifth over the past five years, following 14 years of decline.

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Ofgem backs 600MW Shetland grid link

20/03/2019 09:57:00

UK energy regulator Ofgem said is it minded to approve construction of a 600MW subsea interconnector from Shetland to mainland Scotland to support renewables expansion.

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