Daily (14.09.2018): Power and gas markets turned bearish on Thursday, after a 18% decline in carbon prices

14/09/2018 11:08 Daily

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Oil crude prices lost momentum on Thursday, mainly due to investors’ focus on mounting trade tensions between the world’s major economies, the U.S. and China, that could threaten demand. Brent crude ended 2% down at $78.18 a barrel. Meanwhile, WTI crude price tumbled by 2.5% to $68.59 a barrel, despite a larger-than-expected draw in U.S. inventories.

Even though Norwegian flows decreased, UK wholesale gas prices fell on Thursday, as stronger supplies from storage generated a surplus on the market. As a result, NBP spot price dropped sharply by 4.1% to 69.90 p/therm. On the forward curve, Winter 2018 delivery contract was 2.4% lower at 75.81 p/therm.

 

On Thursday, European year-ahead power prices slumped, following the downward trend in carbon and fuels markets. The French contract for 2019 delivery traded 5.7% lower at 58.35 euros/MWh, while German equivalent contract settled 6.2% down at 52.65 euros/MWh.

 

Prompt electricity prices were also bearish, due to higher wind generation in Germany, and increased nuclear availability in France. The German day-ahead price for Friday delivery shed by 9.3% to end at 64.84 euros/MWh. The French equivalent contract lost 6.8% to close at 66.25 euros/MWh. 

 

European carbon prices considerably declined on Thursday in a weak auction, as traders made bearish bets after the recent increase. The 2021-expiry contract price lost 16.6% to end at 20.40 euros a tonne, posting the biggest daily loss since 2006.

Daily (08.02.2019): WTI crude tumbled by 2.5% on Thursday, due to rising U.S. crude production and inventories

08/02/2019 10:51:00

Oil prices retreated on Thursday, amidst rising U.S. crude inventories and upbeat production levels. However, Washington sanctions against Venezuela and OPEC supply cuts supported the markets. As a result, Brent crude dipped by 1.7% to 61.63 USD/bbl, while WTI crude plunged by 2.5% to 52.64 USD/bbl.

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Shell buys into 190 mln boe Cluff gas projects in UK North Sea

08/02/2019 09:51:00

Royal Dutch Shell bought stakes and options in gas licenses in the southern British North Sea estimated to contain a total of 190 million barrels of oil equivalent from Cluff Natural Resources, Cluff said on Friday

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Voltalia starts construction of transmission line in Brazil for 2-GW wind cluster

08/02/2019 09:28:00

French renewable power plants operator Voltalia SA announced on Thursday it has commenced the construction works on a 500-kV transmission line that will enable connecting 2 GW of wind power generating capacity.

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