Daily (19.07.2019): NBP spot slumped by 4% on Thursday, due to increased supply and weak demand

19/07/2019 10:07 Daily


Crude oil prices continued their downward evolution on Thursday, influenced by lower U.S. equities markets. Prices were also weighed by an expected rise in the U.S. offshore oil output, as platforms have been returning to service after the Hurricane Barry passed through the Gulf of Mexico last week. Brent crude sank by 2.7% to $61.93 a barrel, while WTI futures dipped by 2.6% to $55.30 a barrel. 

British gas prices lost ground on Thursday, as the end of outages at Norway’s Aasta Hansteen and Troll fields drove higher flows from Norway. Moreover, stronger wind generation is expected to curb demand from gas-fired power plants. Adding to the bearish market sentiment, two Qatari LNG cargoes are due to arrive in Britain by July 25. The NBP spot price tumbled by 4% to 29.00 p/therm. The contract price for delivery in July 2020 fell by 1.7% at 44.48 p/therm. 


European spot power prices posted gains on Thursday, due to limited power output from wind turbines and the prospect of a rising demand on fears of a heatwave next week. The German day-ahead power contract traded 2% higher at 44.81 EUR/MWh. The price for the equivalent French contract surged by 3.5% to 42.39 EUR/MWh. 


On the curve, electricity prices extended losses, as bearish carbon, oil and gas prices continued to weigh on forward power contracts. The price for the German power contract for delivery in 2020 declined by 0.4% to 51.48 EUR/MWh. Similarly, the price for the equivalent French contract edged down by 0.3% to 53.34 EUR/MWh. 


EU carbon prices slumped in the third consecutive weak auction on Thursday, tracking a sluggish energy complex, while traders saw a “short-term correction” after the recent rally. The 2019-expiry contract lost 2.4% to end at 27.78 EUR/tonne.


Daily (22.01.2020): Brent crude down 1% on Tuesday as robust global supply reduced fears of Libyan output cuts

22/01/2020 10:20:00

Crude oil prices drew back on Tuesday as robust supply worldwide counterweighed reports indicating that Libyan output would decline.


Romania awards contract for Cernavoda extension

22/01/2020 09:05:00

Candu Energy, a member of Canada's SNC-Lavalin Group, has won a USD10.8 million contract from Societatea Nationala Nuclearelectrica (SNN) for engineering analyses and assessments on unit 1 of the Cernavoda nuclear power plant in Romania. The work aims to extend the operation of the unit by an additional 35,000 hours.


Consultancy probes Irish Sea for offshore wind

22/01/2020 08:59:00

Gavin and Doherty Geosolutions will provide geotech analysis to inform foundation options