Daily (16.10.2019): The EUAs spiked by around 6.4% on Tuesday after an optimistic breakthrough in Brexit process

16/10/2019 11:14 Daily


Crude oil prices extended their fall on Tuesday, as the uncertain outlook for the Sino-American trade negotiations, coupled with indicators of an economic slowdown in China fueled worries over global crude demand. The high level of U.S. crude stocks added pressure on prices. Consequently, WTI futures lost 1.5% to close at $52.81 a barrel, while Brent crude traded 1% down at $58.74 a barrel. However, hopes for a timely Brexit deal and signals of possible oil supply cuts from OPEC reduced losses.

British forward gas prices dipped on Tuesday, tracking bearish oil prices. Seven LNG tankers due to arrive in Britain before November 5 also weighed on the market. Therefore, the price for delivery in March 2020 settled 1.6% lower at 49 p/therm. Meanwhile, robust gas-for-power demand and next-day forecasts for increased residential consumption supported the NBP spot price on Tuesday, which climbed further by 1.2% to 28.50 p/therm, amid overall weaker Norwegian flows to continental Europe. 


European day-ahead electricity prices fell back on Tuesday on expectations of stronger wind power output in the region. The price for the German spot power contract retreated by 9.7% to 39.46 EUR/MWh. At the same time, the equivalent French contract ended at 41.20 EUR/MWh, posting a 5.6% daily decline, in anticipation of limited demand.


A sharp rebound in the carbon market stimulated power prices on the curve on Tuesday. The 2020-delivery German power contract firmed by 0.6% closing at 48.42 EUR/MWh. The equivalent French contract edged up by 0.3% at 51.33 EUR/MWh.


Important progress in Brexit talks gave a strong boost to the EU carbon market, with EUAs hitting a three-week high on Tuesday. The price for the contract expiring in 2019 soared by 6.5% to 25.71 EUR/tonne.

Swinoujscie terminal receives 100th LNG shipment

06/07/2020 10:05:00

The Swinoujscie gas terminal in north-western Poland received its 100th liquefied natural gas cargo on Friday. The 90,000 tonnes LNG shipment came from Qatar Liquefied Gas Company Limited (Qatargas) aboard the Al-Safliya LNG tanker.


Russia's Novak sees global oil output cuts easing from August

06/07/2020 09:56:00

Russian Energy Minister Alexander Novak said on Thursday that the OPEC+ group of oil producers is expected to start easing oil output cuts from August as previously agreed.


Germany passes ‘coal-exit’ law to phase out fossil fuels by 2038

06/07/2020 09:50:00

German lawmakers have voted a roadmap for the coal-free era in the country, which includes abandoning nuclear power by 2022