Daily (25.01.2019): Energy markets seen in a bearish trend on Thursday

25/01/2019 11:35 Daily

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Thursday saw a mixed evolution in oil prices. Continuous concerns over global economic slowdown and the unexpected rise in U.S. crude inventories weighed slightly on Brent spot, which ended down at $61.09 a barrel. However, WTI futures rose by 1% to $53.13 a barrel, supported by OPEC-led output cuts and U.S. threats to impose sanctions on OPEC member Venezuela.

British gas prices fell on Thursday, as short-term forecasts for rising temperatures curbed gas-for-heating consumption. In addition, stronger wind output reduced the demand from gas-fired power stations. Consequently, NBP spot dipped by 5.5% to 56.35 p/therm, while the NBP for delivery in February declined by 4.4% to 57.57 p/therm.

European electricity prices plunged on Thursday on lower demand due to stronger wind generation and milder weather expected in the coming days. The German spot power price plummeted by 22.5% to 66.50 p/therm. The equivalent French contract traded 19.1% down at 69.53 p/therm, as increased nuclear availability put more pressure on prices.

 

On the curve, electricity forward prices lost ground, following bearish carbon and fuels markets. The German power contract for delivery in 2020 ended 1.3% down at 51.12 p/therm. A 1.3% loss was also noticed in the equivalent French contract, which closed at 54.34 p/therm.

 

Traders’ worries about a weaker energy complex led to a further decline in European carbon prices on Thursday, after hitting earlier peaks in bullish auctions since the beginning of the year. The 2019-expiry contract price ended 2.6% lower at 24.07 euros a tonne.

Daily (19.08.2019): The German spot power price tumbled by 27% due to lower demand

19/08/2019 11:33:00

Oil prices rebounded from previous losses on Friday asfurther support from central banks might alleviate recession worries. Brent crude rose $0.41, or 0.7% to $58.64 a barrel. WTI futures added $0.40, or 0.7% to $54.87 a barrel.

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Lundin makes small oil discovery at Goddo prospect in North Sea

19/08/2019 09:42:00

The discovery was made at the wildcat well 16/5-8 S, in the production license 815, about 14 kilometers south of the Edvard Grieg field in the central part of the Norwegian sector of the North Sea.

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Croatia's net electricity output falls 2.4% year-on-year in June

19/08/2019 09:39:00

Croatia's net electricity production decreased to 902 GWh in June from 924 GWh in the same month of 2018, the country's statistical office said on Friday.

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