Daily (17.10.2019): NBP spot slumped by over 8% on Wednesday amid firmer Norwegian exports and lower gas-for-power demand

17/10/2019 11:38 Daily


Speculations about a potential extension of crude supply cuts by OPEC and its allies as of December led to a recovery in crude oil prices on Wednesday. The greenback’s slide coupled with short covering in anticipation of an industry report on U.S. crude inventories also contributed to the market rally. Still, concerns over tighter crude demand and expectations for higher crude stocks in the U.S. limited gains. Against that backdrop, Brent crude rose by 1.2% to 59.42 USD/bbl, while WTI futures advanced by 1% to 53.36 USD/bbl. 

A rise in the overall Norwegian pipeline flows to Europe weighed on British gas prices on Wednesday. Lower demand from gas-fired power plants caused by strong wind generation added to the market bearishness. As a result, NBP spot plunged by 8.1% to 26.20 p/therm. Further on the curve, the Q2 2020 delivery contract retreated by 1.2% to 43.03 p/therm, due to steady LNG arrivals. 


European day-ahead electricity prices posted strong gains on Wednesday on forecasts for a decline in wind power output. The German spot power price soared by 10.9% to 43.77 EUR/MWh amid rising consumption. The equivalent French contract traded 7% higher at 44.08 EUR/MWh, in the context of reduced nuclear supply and a strike action.


Forward electricity prices were also bullish on Wednesday, tracking the continued surge in the carbon market and firmer oil futures. The 2020-delivery German power contract added another 1.3% to close at 49.04 EUR/MWh. The price for the equivalent French contract inched up by 1% to 51.83 EUR/MWh.


The European carbon prices extended their upward evolution on Wednesday, stimulated by the rally in the British pound on strong hopes for a much-awaited end of Brexit tensions. The contract expiring in 2021 gained 2.3%, reaching 26.86 EUR/tonne.

EDF revises 2020 forecast for French nuclear output

07/07/2020 09:16:00

EDF is revising upwards its nuclear output estimate in France for 2020, to around 315-325 terawatt-hours. In April, the French state-owned utility said it expected generation this year to be about 300 TWh, down from an initial expectation of 375-390 TWh before the coronavirus outbreak.


Daily (06.07.2020) NBP spot plunged by almost 5% on Friday influenced by an upward revision of the French nuclear output.

06/07/2020 10:40:00

Crude oil prices lost momentum on Friday, on renewed fears over global fuel demand as U.S reported a surge in coronavirus cases. Nevertheless, signs of improving global economy and OPEC+ record high supply cuts limited the loss. As a result, Brent crude decreased by 0.8% to $42.80 a barrel. Similarly, WTI futures traded 1% lower at $40.24 a barrel.


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.