Daily (06.07.2020) NBP spot plunged by almost 5% on Friday influenced by an upward revision of the French nuclear output.

06/07/2020 10:40 Daily


Crude oil prices lost momentum on Friday, on renewed fears over global fuel demand as U.S reported a surge in coronavirus cases. Nevertheless, signs of improving global economy and OPEC+ record high supply cuts limited the loss. As a result, Brent crude decreased by 0.8% to $42.80 a barrel. Similarly, WTI futures traded 1% lower at $40.24 a barrel.

The NBP spot price fell by 4.8% to 13.80 p/therm on Friday, impacted by the upward revision of EDF’s nuclear output for 2020. Meanwhile, on the curve, most of the UK gas contracts were bullish, tracking a rise in carbon prices. Hence, the Winter 2020 delivery contract traded 1.2% higher at 33.64 p/therm.


European spot power prices lost ground on Friday. The German spot power price tumbled by 55.9% to 15.40 EUR/MWh, due to a sharp rise in electricity output from wind turbines. Similarly, the French day-ahead power price plunged by 40.2% to 21.88 EUR/MWh following an increase in nuclear output.


On the curve, the German power contract for delivery in 2020 was almost flat at 41.75 EUR/MWh on uncertainty over the direction of the energy market. Meanwhile, a 3% decrease was noticed in the equivalent French power contract, which traded at 46.00 EUR/MWh, as EDF increased its target for nuclear output for 2020.


EU carbon prices inched higher on Friday, amidst speculative buying. Despite bearish fundamentals, the price for the 2021-expiry contract closed at 28.21 EUR/tonne, compared to 27.66 EUR/tonne on Tuesday.


French unions begin energy sector strikes over job fears from restructurings

27/11/2020 08:39:00

The CGT union, alongside CFE-CGC, FCE-CFDT and Forces Ouvrieres (FO), had urged staff at EDF to strike for at least an hour, even those working remotely.


Norway gas exports could be hit by strike escalation from Friday

27/11/2020 08:36:00

Some 2,300 security guards organised by the Norwegian Union of General Workers (NAF) are on strike nationwide over pay, and an additional 85 will go on strike from Saturday unless the dispute is resolved first


Dutch coal-burn halved in 2020

27/11/2020 08:28:00

Coal-to-gas fuel switching cut coal-fired generation in the Netherlands by more than 50pc year on year in January-August, despite power generation increasing.