Daily (21.03.2017): European spot power prices skyrocket over 50% on stronger demand, tight supply

21/03/2017 09:22 Daily


Crude oil prices lost ground on Monday despite news that OPEC was supportive of extending a six-month deal to cut output as investors continue to be worried about increasing U.S. oil output and high inventories.


Brent oil for May delivery on the ICE Futures Exchange in London dipped 0.27% to settle at $51.62 a barrel. U.S. West Texas Intermediate crude May contract shed 1.15% to close at $48.22 a barrel.


European spot power prices surged on Monday, spurred by a decline in wind output in Germany, tight nuclear supply and the prospect of a strike at French group EDF's generation plants starting late on Monday. German prompt power for Tuesday delivery skyrocketed 55% at 30.47 euros per megawatt hour (MWh). The same French contract closed at 39.2 euros/MWh, 53% up from Monday.


Along the year-ahead power curve, prices tumbled tracking lower fuels. German year-ahead baseload was down 0.65% at 29.20 euros/MWh. The equivalent French contract decreased by 0.26% at 34.53 euros/MWh.  Europe's carbon benchmark, Dec. '18, lost 2.9% at 5.03 euros/tonne and cif Europe hard coal for 2018 delivery shed 1.41% at $63.65 a tonne.


British prompt gas prices rose on Monday on anticipated stronger consumption for Tuesday. The NBP spot contract jumped 0.99% at 40.95 pence/therm. Further out the curve, prices declined on weaker oil prices and stronger pound.  The April gas contract shed 1.7% to trade at 40.98 pence per therm.


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UK - first coal-power free day in over a century, according to National Grid

24/04/2017 16:29:00

Britain is set for its first day without electricity production from coal-fired power stations since the country's industrial revolution in the 19th century, as stated by power grid operator National Grid on Friday.


Russia: Novatek will increase gas resources to preserve output, stabilize market share

24/04/2017 11:09:00

Novatek, Russia's biggest non-state natural gas producer, is seeking to increase its resource base to keep gas production and maintain stable its domestic market share, as stated on Friday by Leonid Mikhelson, the manager of the company.


Daily (24.04.2017): U.S. crude settled below $50 for first time in 2 weeks

24/04/2017 10:27:00

Oil prices fell over 2 percent on Friday, marking the biggest weekly drop in over a month on rising proof that U.S. production and inventory growth were counterbalancing OPEC's efforts to limit the global crude glut. Brent futures settled down $1.03, or 2%, at $51.96 a barrel. U.S. crude futures ended the session down 2.2 %, or $1.09 at $49.62 a barrel.