Daily (25.04.2019): NBP spot spiked by around 15% on Wednesday due to rising consumption

25/04/2019 10:58 Daily

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Oil prices were mixed on Wednesday. Brent crude edged 0.1% up at $74.57 a barrel, due to ongoing worries that global oil supply would decline after the termination of U.S. sanction waivers on Iranian oil imports on May 1. In the meantime, WTI futures traded 0.6% down at $65.89 a barrel, weighed by stronger U.S. crude production and stocks. 

Ample storage injections and the disrupted exports via IUK pipeline put pressure on British forward gas prices on Wednesday. Furthermore, seven LNG cargoes are scheduled to arrive in the next seven days. The contract for delivery in July 2019 dropped by 1.2% to 34.17 p/therm. On the other hand, short-term forecasts for cooler temperatures and firmer consumption boosted the NBP spot price, which surged by 15.2% to 31.10 p/therm.

 

The European spot power prices diverged on Wednesday. The price for the German spot power contract spiked by 13.3% to 39.91 EUR/MWh, on expectations of a steep decline in wind generation. Meanwhile, the equivalent French contract price slumped by 14.2% to 28.66 EUR/MWh, due to rising renewables output and increased nuclear availability.

 

Along the curve, electricity prices lost ground, tracking the bearish movements on the carbon markets and a weaker energy complex. The German power contract price for delivery in 2020 fell 1% to close at 50.32 EUR/MWh. The equivalent French contract edged 0.5% down at 53.33 EUR/MWh.

 

EU carbon prices declined to technical supports levels in a weak session on Wednesday. The contract expiring in 2021 settled 0.5% lower at 28.14 EUR/tonne.
 

Daily (10.07.2019): NBP spot declined by 3.7% on Tuesday, as a correction from the previous bullish session

10/07/2019 10:32:00

Crude oil prices nudged up on Tuesday, due to OPEC+ supply cut extension and rising tensions in the Middle East. However, U.S.-China trade dispute limited the gains. As a result, Brent crude inched up by 0.1% to $64.16 a barrel, while WTI futures closed 0.3% higher at $57.83 a barrel.

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Russian oil output falls to near 3-yr low in early July - sources

10/07/2019 09:43:00

Russian oil production fell close to a three-year low in early July, to 10.79 million barrels per day (bpd), dragged down by declining output at Rosneft , the country’s largest oil producer, industry sources told Reuters on Tuesday.

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Polish PGNiG starts drilling new production well in Pakistan

10/07/2019 09:38:00

PGNiG Operating Branch in Pakistan is carrying out work in the Rizq licence area, north of Rizq-1 well, which was brought on stream in November 2016. A year later, another well, Rizq-2, was drilled.

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