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.

Daily (22.05.2019): NBP spot ended down by nearly 3% on Tuesday due to higher Norwegian flows

22/05/2019 11:33:00

The outlook of a tighter supply fuelled by the growing tensions in the Middle East and OPEC’s constant commitment to cut output supported oil prices on Tuesday. Meanwhile, gains were capped by the lengthy U.S.-China trade dispute and its bearish impact on the global economic growth. Brent crude price edged higher by 0.3% to 72.18 USD/bbl, while WTI futures were only 0.1% up at 63.13 USD/bbl.

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Serbia aims to complete Bulgaria-Hungary gas link by Dec 18 - energy min

22/05/2019 08:48:00

Serbia plans to complete the construction of a natural gas pipeline from the border with Bulgaria to the border with Hungary by December 18, energy minister Aleksandar Antic said on Tuesday.

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Zennor completes North Sea wells

22/05/2019 08:36:00

Independent UK oil and gas firm Zennor Petroleum announced Tuesday the completion of drilling and testing operations at the Finlaggan field in the North Sea, Kallanish Energy reports.

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