Daily (14.12.2018): European year-ahead power prices surged by over 2% on Thursday, amid a bullish energy complex

14/12/2018 11:59 Daily

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Oil prices rose on Thursday after a sharp decline in U.S. crude inventories. Accordingly, WTI crude increased by 2.8% to $52.58 a barrel. Concerns over a deficit of crude in the market, following the recent agreement between OPEC and Russia on a 1.2 million bpd production cut, also contributed to a price boost. Brent crude added 2.2% to close at $61.45 a barrel.

British wholesale gas prices hiked on Thursday, on expectations for higher gas-for-power demand due to weaker wind production. NBP spot increased by 1.9% to 66.25 p/therm. On the curve, the March 2019 delivery contract trade 1% higher at 65.66 p/therm, on stronger demand for heating following forecasts for colder weather. 

 

On Thursday, expectations for lower temperatures and consequently, increased demand, led to a hike in day-ahead power prices. Both German and French contracts for next-day delivery traded over 7.5% higher to end at 71.16 and 75.34 EUR/MWh respectively.

 

On the curve, electricity prices extended gains amid a bullish energy complex. While the German 2019-delivery contract was 2.5% up at 54.72 EUR/MWh, the French one settled 2.2% higher at 60.1 EUR/MWh.


The EUAs upward evolution continued as well on Thursday, as a significant rally instead of an expected sell-off occurred after the options expiry. The carbon contract expiring in 2022 ended 3.5% higher at 22.65 euros a tonne, or a 2-month peak.
 

Daily (20.06.2019): NBP spot tumbled by more than 10% on forecasts for stronger LNG supply and warmer weather

20/06/2019 10:53:00

Calmer U.S equity markets led to a decline in oil prices on Wednesday. Brent crude ended 32 cents, or 0.5%, down at $61.82 a barrel. Meanwhile, WTI futures lost $0.14, or 0.3%, to close at $53.76 a barrel.

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Reabold Resources and partners discover massive onshore gas field in UK

20/06/2019 09:54:00

Reabold Resources and its partners Union Jack Oil and Rathlin Energy have announced the discovery of what could potentially be the UK’s largest onshore gas field.

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Norway seeks to open areas to hold up to 3.5 GW of floating wind

20/06/2019 09:50:00

Norway’s Ministry of Petroleum and Energy will consider opening two offshore areas for applications to build floating wind parks with a total potential capacity of up to 3.5 GW, it announced today.

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