Daily (19.04.2019): NBP spot tumbled by 7.5% on Thursday due to weaker demand ahead of Easter holidays

19/04/2019 09:51 Daily

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The prospects of a tighter supply due to reduced crude exports from Saudi Arabia coupled with lower oil inventories and fewer active rigs in the U.S. led to a rise in crude oil prices on Thursday. A stronger dollar lent more support to prices. As a result, Brent crude traded 0.5% higher at $71.97 a barrel. In the meantime, WTI futures gained 0.4% to close at $64.00 a barrel.

UK gas prices slumped on Thursday, weighed by sluggish demand due to forecasts for warmer weather and higher wind power output. The NBP spot price tumbled by 7.5% to 33.20 p/therm, while the contract price for delivery in September 2019 dropped by 4.2% to 40.66 p/therm.

Thursday saw a sharp fall in the European day-ahead power prices, on forecasts for reduced consumption ahead of the four-day Easter holiday and higher-than-average temperatures. The price for the German spot power contract dipped by 17.1% to 33.84 EUR/MWh. Meanwhile, the equivalent French contract price sank by 12.6% to 36.30 EUR/MWh.

 

Along the curve, electricity prices also lost ground, tracking the downward evolution in carbon prices and a weaker energy complex. The German power contract for delivery in 2020 edged 0.7% down at 50.65 EUR/MWh. The same decline was noticed in the equivalent French contract, which ended at 53.45 EUR/MWh.

 

EU carbon prices reversed trend to drop on Thursday, as traders aimed at taking profits ahead of the long weekend. The price for the 2020-expiry contract fell by 2.1% to 27.19 EUR/tonne, influenced by a bearish energy complex.

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The European Geothermal Energy Council is advocating for a carbon price to be put on heating and cooling in the European Union. Only with a fair price for all forms of energy and the real cost attached will it be able to reach the ambitions carbon neutral goal by 2050.

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17/09/2020 08:48:00

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Daily (16.09.2020): Oil prices ended higher on Tuesday as Hurricane Sally disrupted Gulf of Mexico energy production

16/09/2020 10:57:00

Crude oil futures rebounded on Tuesday, buoyed by rising Chinese industrial production and Hurricane Sally which curbed the supply in the Gulf of Mexico. However, bearish forecasts for the energy demand released by the IEA helped to limit the upside for oil prices. Hence, Brent crude for November delivery soared by 92 cents, or 2.3%, to settle at $40.53 a barrel. Meanwhile, U.S. WTI crude for October delivery climbed by $1.02, or 2.7%, to settle at $38.28 a barrel. Both contracts fell on Monday.

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