Daily (17.07.2019): NBP spot plunged by over 16% on Tuesday, due to ample oversupply

17/07/2019 10:43 Daily

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Crude oil prices dipped on Tuesday, after data showed that U.S. crude inventories dropped less than expected last week, as they were only slightly affected by disruptions in the wake of Hurricane Barry in the Gulf of Mexico. Prices were also influenced by the conflicting signals from Tehran and Washington about an alleged reduction of tensions over Iran’s ballistic missile program, as well as by China’s weakest economic growth in 27 years. As a result, Brent crude tumbled by 3.2% to $64.35 a barrel, while WTI futures slumped by 3.3% to $57.62 a barrel. 

British gas prices fell sharply amid an oversupplied system on Tuesday, weighed by stronger Norwegian flows and a declining gas-for-power demand due to an expected increase in wind generation. Moreover, steady LNG arrivals added pressure on prices. The NBP spot price plummeted by 16.7% to 31.25 p/therm. On the curve, the contract price for delivery in Q1 2020 plunged by 4.2% to 56.77 p/therm. 

 

European spot electricity prices continued to climb on Tuesday, supported by forecasts of lower wind power output and firmer consumption driven by rising temperatures. The price for the German day-ahead power contract hiked by 7% to 45.88 EUR/MWh. The equivalent French contract gained 5.4%, closing at 45.22 EUR/MWh, in the context of reduced nuclear power output. 

 

Along the curve, power prices turned bearish, influenced by a weaker energy complex. The German power contract for delivery in 2020 traded 2% lower from the previous-day 11-year peak, settling at 52.05 EUR/MWh. At the same time, the price for the equivalent French contract retreated by 2.7% from the earlier 7-month high, dropping to 53.90 EUR/MWh. 

 

EU carbon prices lost ground amid falling energy prices on Tuesday, sinking below major technical resistance level, after market participants said that the earlier bullish factors were set to wind down. The contract expiring in 2020 lost 1.9% to end at 28.88 EUR/tonne.

 

Daily (20.08.2019): Brent crude surged by around 2% on Monday on worries about global oil supplies

20/08/2019 11:19:00

Crude oil prices rose on Monday after Yemen’s Houthi forces used a drone to attack an oilfield in eastern Saudi Arabia on Saturday, threatening global oil supplies. Brent crude added $1.1, or 1.9% to settle at $59.74 a barrel. WTI futures gained $1.34, or 2.4% to end at $56.21 a barrel.

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EBRD Finances Private-to-Private Solar Project in Jordan

20/08/2019 08:25:00

The European Bank for Reconstruction and Development together with its partners is supporting a pioneering energy project in Jordan with a financial package of up to $35 million. The project will enable the telecom operator Orange Jordan to cover part of its demand with clean energy generated in solar plants.

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Belene project attracts five expressions of interest

20/08/2019 08:21:00

Five companies have expressed interest in Bulgaria’s invitation for strategic investment in the construction of Belene nuclear power plant on the Danube River near the Romanian border. According to national newspaper 24 Chasa, China National Nuclear Corporation, Framatome, General Electric, Korea Hydro and Nuclear Power and Rosatom have all applied for the selection process.

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