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

06/12/2019 09:46 Daily

news

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 (23.01.2020): Brent fell over 2% on Wednesday on supply glut concerns, coronavirus spread in China

23/01/2020 11:10:00

Crude oil prices fell more than 2% on Wednesday following a supply glut forecast released by IEA. Moreover, the spread of China’s coronavirus increased concerns about demand. Brent crude for March delivery dipped $1.38, or 2.1%, to settle at $63.21 a barrel on ICE London. WTI for February shed $1.64, or 2.8%, to end at $56.74 on NYMEX.

<READ MORE

UK awards £50m for clean energy projects in Africa

23/01/2020 10:49:00

The UK Government has announced an investment of more than £50 million to support clean energy projects across countries in Africa.

READ MORE

'Power of Siberia' Pipeline Begins Flow to China

23/01/2020 10:37:00

China has started to consume Russian gas via the newly launched "Power of Siberia" pipeline, said CNPC-backed Kunlun Energy Ltd, operator of the pipeline in China, on Wednesday.

READ MORE