Daily (09.07.2020): Higher Norwegian flows led to an oversupply in the British gas system on Wednesday

09/07/2020 10:55 Daily


Crude oil prices added momentum on Wednesday, following an increase in U.S. crude imports and a weekly decline in gasoline supplies that indicated an improvement in energy demand. Hence, Brent crude traded 0.5% higher at $43.29 a barrel. At the same time, WTI futures edged 0.7% higher at $40.90 a barrel.

Higher Norwegian flows put pressure on British wholesale gas prices on Wednesday leading to an oversupply in the system. As a consequence, the contract for delivery in Winter 2020 decreased by 0.7% to 34.83 p/therm. At the same time, NBP spot plunged by 8% to 23.10 p/therm, due to stronger Norwegian flows, rising wind output and plentiful LNG supply.


European spot electricity prices extended their gains on Wednesday on an increase in forecasted consumption. Hence, the French prompt power price rose by 0.7% to 41.54 EUR/MWh, while the German equivalent contract added 2.9% to close at 42.42 EUR/MWh.


Further on the curve, power prices weakened on Wednesday, following the decline in carbon prices. The German Cal 2020 delivery contract fell by 1.6% to 42.98 EUR/MWh, while the French equivalent contract was 1.1% lower at 47.71 EUR/MWh.


European carbon prices declined on Wednesday, pressured by speculative trading activity. The price for the contract expiring in 2020 declined by 0.2% to 29.32 EUR/tonne.

German wind, solar tenders award 384 MW in July

31/07/2020 09:26:00

Projects with a combined capacity of 384 MW secured surcharges in Germany’s tenders for wind and solar power this month, the Federal Network Agency, also known as the Bundesnetzagetur (BNetzA) has announced.


Plans unveiled for €1.6bn gigafactory in France to supercharge growing battery demand

31/07/2020 09:18:00

Production in the gigafactory is scheduled to begin in 2023 with a capacity of 16GWh of battery cells which will later increase to 50GWh


Daily (30.07.2020): European CO2 prices rebounded by nearly 2% on Wednesday tracking a stronger auction in Poland.

30/07/2020 13:19:00

Crude oil prices inched higher on Wednesday, following an unexpected drop in US crude inventories. Consequently, Brent crude rose by 1.2% to $43.75 a barrel, while WTI futures increased by 0.6% to $41.27 a barrel.