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


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.


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.


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.