Daily (06.12.2019): German spot power down 26% on Thursday on strong wind output

06/12/2019 09:46 Daily

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Crude oil prices evolved differently on Thursday, with WTI prices ending flat and Brent slightly up as traders awaited a decision on output from major oil producers. Brent crude rose by 39 cents, or 0.6%, to settle at $63.39 a barrel, after a hike of 3.6% in the previous session. WTI crude remained unchanged at $58.43 a barrel on the NYMEX, after surging by 4.2% the previous day.

A committee of oil producers led by Saudi Arabia and Russia recommended on Thursday that the group increase their current oil production cuts by 500,000 barrels a day.

 

British prompt gas prices tumbled on Thursday amid an oversupplied system due to a milder weather which curbed demand. NBP spot plunged by 12% to 31.15 p/therm. Along the forward curve, the January gas price decreased by 2.5% to 40.01 p/therm, while the gas contract for 2020 delivery lost 2.5% to end at 38.66 p/therm.

 

European spot power prices recorded a sharp decline on Thursday following a strong wind output in Germany and a weaker demand in France. German contract for the day-ahead delivery plunged by 26% to 31.10 EUR/MWh, while the French equivalent contract dipped 18% to 48.78 EUR/MWh.

 

 

Forward contracts also decreased, tracking lower carbon prices. German contract for 2020 delivery declined by 0.7% at 44.34 EUR/MWh, while the French equivalent contract shed 0.3% at 47.76 EUR/MWh.

 

The EUAs expiring in 2020 eased 0.2% at 24.85 EUR/tonne on Thursday, rebounding from an intraday €24-low, with purchasers intervening at levels that have systematically found support over the past two weeks.

Daily (16.09.2020): Oil prices ended higher on Tuesday as Hurricane Sally disrupted Gulf of Mexico energy production

16/09/2020 10:57:00

Crude oil futures rebounded on Tuesday, buoyed by rising Chinese industrial production and Hurricane Sally which curbed the supply in the Gulf of Mexico. However, bearish forecasts for the energy demand released by the IEA helped to limit the upside for oil prices. Hence, Brent crude for November delivery soared by 92 cents, or 2.3%, to settle at $40.53 a barrel. Meanwhile, U.S. WTI crude for October delivery climbed by $1.02, or 2.7%, to settle at $38.28 a barrel. Both contracts fell on Monday.

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Investors call on EU to boost carbon-emission reduction goals

16/09/2020 09:04:00

An investor group with a combined €33 trillion ($39.1 trillion) in assets has called on the European Union to set 2030 carbon-emission reduction goals at 55%, in an effort to support low-carbon economy investments.

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EU Green Recovery plan could support 2.3 GW of Spanish solar project capacity

16/09/2020 08:52:00

Three big projects are candidates for support from the Covid recovery plan laid out by the bloc.

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