Daily (22.02.2019): Carbon prices plummeted by over 8% due to bearish concerns

22/02/2019 10:21 Daily


Oil prices edged slightly down on Thursday after EIA reported a record level of U.S. crude oil inventories and crude exports since the start of 2018, amid ongoing concerns about slower global economic growth. However, the losses were limited by OPEC’s output cuts, U.S. sanctions on Venezuelan and Iranian oil imports, as well as the advancing U.S.-China trade talks. Brent oil almost steadied at $67.07 a barrel, while WTI crude was 0.4% down at $56.96 a barrel.

British gas prices slumped on Thursday as milder-than-forecasted weather curbed demand. Stronger gas flows from Norway after Langeled pipeline returned to its maximum capacity also put pressure on prices. NBP spot price plunged by 3.5% to 44.80 p/therm. Further on the curve, the Summer 2019 delivery contract settled 2.6% down at 45.15 p/therm.


Forecasts for lower wind generation supported the German spot power price on Thursday, which surged by 9.2% to 47.20 p/therm. Meanwhile, mild weather and weaker consumption coupled with rising wind output kept the equivalent French contract price rather flat at 47.02 EUR/MWh.


Further on the curve, electricity prices declined, following the strong downward trend in the carbon markets. The German power contract for delivery in 2020 dropped by 1.3% to 46.31 EUR/MWh. The equivalent French contract traded 1.1% lower at 49.38 EUR/MWh.


EU carbon emission prices posted substantial losses on Thursday, resuming their decline influenced by a bearish market outlook. The 2020-expiry contract plummeted by 8.1% to 19.20 EUR/tonne.



Azerbaijan suspends pumping oil through Baku-Novorossiysk

19/03/2019 09:18:00

According to Azerbaijan´s Trend, the country has suspended oil pumping through Baku-Novorossiysk, said Ibrahim Ahmadov, Deputy Head of the Public Relations Department at SOCAR.


UK’s LNG Imports Jump To Highest Since 2015

19/03/2019 09:14:00

The UK is on track to import this month its highest volume of liquefied natural gas (LNG) since October 2015, as a wave of new global LNG supply and muted winter demand and low spot prices in Asia are boosting flows of the fuel to Europe.


Iberdrola breaks ground on 500-MW PV plant in Spain's Extremadura

19/03/2019 09:11:00

Spanish energy giant Iberdrola SA broke ground Monday on a 500-MW photovoltaic (PV) complex in the autonomous region of Extremadura.