Daily (15.07.2019): NBP spot surged by 4.7% on Friday, due to rising gas-for-power demand ahead of an expected 3-day hot spell

15/07/2019 10:29 Daily

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Crude oil prices slightly rose on Friday, after a tropical storm in the Gulf of Mexico caused disruptions in the local production, while tensions between Iran and the West continued to mount. Consequently, Brent crude traded 0.3% higher at $66.72 a barrel. However, forecasts for a global oil supply glut from the International Energy Agency and OPEC limited the gains, with WTI futures remaining almost flat at $60.21 a barrel.

Friday saw a surge in the British gas prices, as forecasts of a three-day hot spell and an expected increase in air conditioning energy consumption lifted gas-for-power demand. The NBP spot price soared by 4.7% to 35.85 p/therm, while the contract price for delivery in Winter 2019 hiked by 2.5% to 56.17 p/therm.

 

EU carbon prices hit a new 11-year high on Friday, extending gains into a third straight auction, amid renewed speculative buying, upward technical factors and weaker supply. Stronger gas prices lent more support to prices. As a result, the price for the 2020-expiry contract jumped by 1.8% to 29.19 EUR/tonne.

 

European prompt electricity prices tumbled on Friday, as comfortable weather reduced demand for cooling. The price for the German day-ahead power contract plunged by 17.7% to 37.24 EUR/MWh, pressured by stronger renewables generation. At the same time, the price for the equivalent French contract dipped by 11% to 36.44 EUR/MWh, amid steady nuclear availability.

 

Further on the curve, power prices remained bullish, supported by the upward evolution in carbon, gas and oil prices. The German power contract for delivery in 2020 ended 0.8% higher at 52.25 EUR/MWh, while the equivalent French contract advanced by 0.9% to 54.11 EUR/MWh.
 

Daily (20.08.2019): Brent crude surged by around 2% on Monday on worries about global oil supplies

20/08/2019 11:19:00

Crude oil prices rose on Monday after Yemen’s Houthi forces used a drone to attack an oilfield in eastern Saudi Arabia on Saturday, threatening global oil supplies. Brent crude added $1.1, or 1.9% to settle at $59.74 a barrel. WTI futures gained $1.34, or 2.4% to end at $56.21 a barrel.

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EBRD Finances Private-to-Private Solar Project in Jordan

20/08/2019 08:25:00

The European Bank for Reconstruction and Development together with its partners is supporting a pioneering energy project in Jordan with a financial package of up to $35 million. The project will enable the telecom operator Orange Jordan to cover part of its demand with clean energy generated in solar plants.

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Belene project attracts five expressions of interest

20/08/2019 08:21:00

Five companies have expressed interest in Bulgaria’s invitation for strategic investment in the construction of Belene nuclear power plant on the Danube River near the Romanian border. According to national newspaper 24 Chasa, China National Nuclear Corporation, Framatome, General Electric, Korea Hydro and Nuclear Power and Rosatom have all applied for the selection process.

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