Daily (20.03.2017): European year-ahead power prices diverge on lower carbon, stronger coal prices

20/03/2017 09:01 Daily


Crude oil prices were mainly flat on Friday, posting minor gains for the week, but speculators considerably cut long positions on worries that an OPEC production reduction was failing to slash a global supply glut.

Brent crude rose by 2 cents to settle at $51.76 a barrel, while U.S. WTI crude jumped 3 cents to end at $48.78 a barrel. Both benchmarks gained 0.8% for the week.


European prompt power prices for Monday delivery declined considerably on Friday amid an anticipated rise in output from wind, coal and lignite power generation. German prompt power for Monday delivery fell 31% to 19.67 euros/MWh, compared with the price paid for Friday delivery. The French equivalent contract stood at 25.66 euros/MWh, down 28% day-on-day.


Along the year-ahead power curve, prices diverged on Friday tracking lower carbon and stronger coal prices. The benchmark German Cal '18 baseload contract fell 0.70% to 29.39 euros/MWh. The equivalent French contract advanced 0.29% to 34.62 euros/MWh. Dec '18 EU carbon emissions allowances lost 0.19% to 5.18euros a tonne, while coal for 2018 rose 0.09% to $64.56 a tonne.


British wholesale gas prices shed on Friday amid an oversupplied system and a milder weather. The British day-ahead gas price slipped 0.86% at 40.55 pence per therm. Curve prices found support from a weaker sterling and higher oil prices. The NBP gas contract for year-ahead delivery increased by 0.40% to trade at 43.63 pence/therm.


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Daily (14.08.2017): British wholesale gas prices rose on Friday due to an unplanned outage

14/08/2017 10:52:00

Oil prices increased on Friday, following the IEA’s report which stated that crude oil stockpiles were now below 2016 levels. The agency also raised its 2017 demand growth forecast in its previous monthly report and declared it expected demand to be further expanded next year. Despite the strong demand, markets remain well-supplied thanks to strong output. Brent rose by almost 0.4% to close at $52.10 a barrel, while WTI price rose by around 0.5% to end at $48.82 a barrel.


Britain's Tullow starts oil and gas exploration in Zambia

14/08/2017 09:56:00

British firm Tullow Oil on Friday launched exploration for oil and gas in Zambia, Africa's No.2 copper producer, as the nation strives to diversify its economy and reduce its dependence on the industrial metal.


Egypt: LNG imports will be reduced to 80 cargoes in 2017-18 year

14/08/2017 09:40:00

Egypt intends to import 80 cargoes of liquefied natural gas during the 2017-18 financial year that started in July, as stated by Petroleum Minister Tarek El Molla on Sunday, or down from the 118 cargoes imported in 2016.