Spot prices dip on more solar power, lower demand
European prompt electricity prices fell on Thursday, as a combination of a growing solar supply and lowered demand was expected to offset a decline in wind supply. As of 1018 GMT, the German baseload electricity for Friday fell 4.4% to 147.75 Euro per Megawatt Hour (MWh). The French baseload for the day ahead was down by 0.9% to 140.75 Euros. LSEG data shows that the German wind output will fall by 1.9 gigawatts to 8.7 GW this Friday. In France, it is predicted to drop 2.8 GW down to 1 GW. The data revealed that solar power in Germany will increase by 1.3 GW and reach 3.8 GW. Marcus Eriksson, LSEG analyst, said that residual load in Germany will likely slip on Friday.
French spot prices drop on mild temperatures and high winds
French prompt power prices dropped on Monday due to mild temperatures and the expectation of high German wind power output. The price of French baseload electricity for Tuesday dropped by more than 40%, to 72.25 Euros ($74.82). William Peck, Energy Aspects analyst, said that the primary reason for this is because these days were very mild. The French grid operator RTE predicted them to be 3-5 degrees Celsius above normal. He also mentioned high wind power levels in France and Germany. German day-ahead electricity had not yet traded by 1042 GMT, after closing at 121.55 euro/MWh.
Spot prices drop on strong renewable production
German and French power prices dropped on Monday morning, as a result of the strong production from wind and solar farms in the region. At 1030 GMT, the German baseload power day-ahead was trading at 58 Euros/MWh. LSEG data shows that this was a drop of more than 50% compared to the last traded level, 119.25 euro/MWh, on December 27. The LSEG data shows that the French baseload power for day-ahead was 82.50 Euros per megawatt hour, compared to 119.25 Euros/MWh in December. The LSEG analyst Naser Hachemi stated in a daily note that "the residual load (which…
Spot prices fall on forecast of strong wind supply
The European spot electricity prices fell on Wednesday as the wind supply is expected to increase throughout the region and demand to fall in France due to warmer temperatures. LSEG data show that the German baseload day-ahead power dropped 38.2% at 0923 GMT to 57.75 Euros per Megawatt Hour (MWh). LSEG data shows that the equivalent French contract is down by 40.5%, at 59.5 Euro/MWh. According to LSEG analyst Francisco Gaspar Machado, the outlook for Wednesday is negative due to an increased supply of wind power in Germany. The country will be a net importer in the morning. LSEG data shows that the German wind energy output will increase by 9.7 gigawatts to 39.7 GW.
Spot prices are affected by higher wind forecasts
European prompt electricity prices fell on Friday, as wind power supplies are expected to increase in Germany while demand is forecast to decline. LSEG data revealed that the German baseload electricity contract for Friday had fallen 39.1% to 195 euros ($204.96 per megawatt-hour (MWh). The French equivalent contract fell 2.3% to 17 euros/MWh. LSEG data indicated that the German wind power production was expected to increase by 3.1 gigawatts to 5.7 GW, while French output is projected to drop 370 megawatts to 560 MW. Data showed that the German solar market was expected to grow by 780 MW on Friday to 3 GW. The French nuclear capacity remained unchanged at 85%.
EUROPE GAS: Prices firm for cold weather, low winds and Norway outages
Dutch and British wholesale prices for gas were slightly higher on Wednesday morning, as a cold snap and low winds supported demand while unplanned outages reduced some Norwegian supply. At 0911 GMT, the benchmark front-month contract for the Dutch TTF hub had increased by 0.15 euros to 45.70 Euro per megawatt hour or MWh (or $14.08/mmbtu). The Dutch day-ahead contracts was up 0.30 euros at 45.80 Euro/MWh. The day-ahead contract in Britain gained 0.55 pence, to 113.25 cents per therm. "Our forecast for today is that prices may come under a bit of downward pressure…
EIA: US Crude Imports to fall to lowest level since 1971
U.S. net crude oil imports are forecast to fall by 20% next year to 1.9 million barrels per day, their lowest since 1971, the Energy Information Administration said on Tuesday, pointing to higher U.S. production and lower refinery demand.The EIA expects the United States to produce 13.52 million bpd in 2025, up from 13.24 million bpd in 2024, it said in its December Short-Term Energy Outlook (STEO). Meanwhile refiners are set to process 16 million bpd of crude oil in 2025, down by 200,000 bpd compared with 2024, the EIA said.Global oil demand is expected to average around 104.3 million bpd next year…
Wind supply increases, resulting in a decrease in spot prices
The European prompt power price for Monday was untraded Friday, on the expectation of a rising wind supply across the board. This was slightly offset by a higher consumption expectation as temperatures fell. At 0942 GMT, the German and French baseload electricity contracts for Monday had not been traded. LSEG data indicated that German wind power production was expected Monday to increase by 2.3 gigawatts to 37.6 GW. French wind power was expected to grow 6 GW to 15 GW. The French nuclear capacity fell by one percentage point, to 81% total, as the Tricastin 2 Reactor went offline due to an unplanned failure.
Prices for EUROPE GAS are down slightly after the previous session's dip
The Dutch and British wholesale prices of gas were slightly lower Thursday morning. They traded in a narrow band after a steep decline the previous session. This was due to the revised weather forecast for the end week, which is now warmer and more windy. It is possible that prices will rise as the cold weather expected for next week may increase gas demand. By 1001 GMT, the benchmark front-month contract for the Dutch TTF hub had fallen by 0.13 euros to 46.93 euro per megawatt (MWh) or $14.85/mmbtu. The day-ahead contract in Britain fell 0.25 pence, to 116.00 pence per therm.
More wind and lower demand causes spot prices to fall
European power prices fell on Thursday, as the main German market was expected to have more wind energy and demand in the area had slowed down ahead of the weekend. LSEG data shows that German baseload power for the day ahead was 17.1% lower at 87 Euros ($91.69), while still remaining at multiple-week highs. The French equivalent contract was not traded but the settlement indicated a significant drop from its previous 108 euros. The German wind energy output is expected to increase by 12.3 gigawatts per day (GW), to reach 37.1 GW. The French nuclear capacity remained unchanged at 82%. The average temperature in France is expected to rise by 2.5 degrees Celsius, to 10.2 degrees Celsius.
French spot prices rise due to increased demand and lower wind supply
The French prompt electricity prices increased on Monday due to the expectation of increasing demand and reduced wind output. LSEG data shows that the price of French baseload electricity for Tuesday at 0926 GMT was 132.25 Euros ($139.09 per megawatt-hour (MWh), up 29.7% compared to Friday's price for Monday's delivery. German day-ahead electricity was 139 euros/MWh. LSEG data revealed that the Monday contract had not been traded on Friday. Riccardo Paraviero, LSEG analyst, said: "The signal (on Tuesday) is bullish. LSEG data indicated that the German wind power production was forecast to drop by 8.8 gigawatts on Tuesday, to 17.3 GW.
German wind power supply is falling, resulting in a split of spot prices
The European spot prices for Wednesday were split from Tuesday. German spot prices rose due to a falling wind supply, and a rise in demand was expected. However, forecasts of strong French wind production affected the spot price for France. LSEG data shows that German baseload power for the day ahead was up 10% at 124 Euros ($130.44 per megawatt-hour (MWh) as of 1052 GMT. The French equivalent contract fell by 27.1% to 82 euros/MWh. Naser said that this is likely to be different in the afternoon. As a result, Germany will import during the morning and export the rest of it. LSEG data shows that the German wind output is expected to fall by 3.9 gigawatts to 23.5 GW.
LNG can solve Europe's gas problems, but it comes at a cost: Russell
The fears that Europe will face a shortage of natural gas this winter are exaggerated. The liquefied gas (LNG), market has already taken steps to prevent any shortage, although at higher prices.The price of natural gas in Europe reached its highest level in over two years on November 22, when the benchmark contract for the front-month contract, at the Dutch TTF Hub, reached 49.03 euros/megawatt hour. This is equivalent to 14.97 British thermal units per million (mmBtu).The prices have risen by about 40% since the middle of September amid fears that Russian pipeline supplies will be stopped or further restricted.The new U.S.
Fuels and carbon gain from a curve that shows a fall in spot prices
The European spot electricity prices fell on Friday on the back of forecasts that higher wind generation will be occurring and lower demand on Germany's main market. Forward contracts, however, rose in line with gains on fuel and carbon markets. The French baseload for the day ahead fell by 3.4%, to 114 Euros ($120.01 per megawatt-hour (MWh). At 0840 GMT the equivalent German contract had settled at 121 Euros/MWh. On Friday, the German wind power production is expected to increase by 5.1 gigawatts to 30.2 GW. The French nuclear capacity remained at 85 percent of the total.
Baker Hughes: US drillers reduce oil and gas rigs in the US for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the first time since four weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending Nov. 15 to 584, the lowest level since early September. This is a reduction of 34 rigs, or 6% from the same time last year. Baker Hughes reported that oil rigs dropped by one this week to 478. This is their lowest level since the week of July 19. Gas rigs were also down by one, to 101.
After cutting debt, Vallourec pays first dividend after 10 years
French steel tube maker Vallourec announced on Friday that it will pay its first dividend for 10 years, after further reducing its debt and completing its financial restructuring plan. However, the group's shares fell 3% at 0805 GMT after it reported a decline in its third quarter earnings. The group's net debt was 240 million euros (253.42 millions) on Sept. 30. This is down from 1.49 billion euro two years earlier. It confirmed that it would reach zero net by 2025. He said that this will be a regular return for investors. In the last three year, Vallourec has implemented a financial reorganization plan with its principal creditors.
German wind power supply increases leads to a drop in spot prices
The European power price for Thursday dropped on the back of increased wind generation forecasts in Germany, Netherlands and Belgium. LSEG data show that the price of German baseload electricity for Thursday fell 17.2%, to 125 Euros ($132.83) per Megawatt Hour (MWh), by 0956 GMT Wednesday. The French power price for the day ahead fell by 5.3%, to 124 Euros/MWh. Guro Marie Wyller, LSEG analyst, says that the residual load in Germany will decrease on Thursday due to a surge in wind power and a slight reduction in consumption. Guro said that the Netherlands and Belgium will follow the same pattern, while France follows the opposite.
Henry Hub natgas price drops to a 25-year low, while Waha is in negative territory
According to LSEG's pricing data, U.S. natural gas spot prices fell to a new 25-year low in Louisiana at the Henry Hub benchmark and entered negative territory at the Waha hub for the 47th consecutive time. The energy traders noted that the mild weather this year has had a negative impact on Henry Hub prices next day, resulting in lower heating and cooling demands than usual. LSEG reports that Henry Hub futures have been under pressure due to the low prices of next-day Henry Hub contracts. Spot contracts traded below Henry Hub front-month futures in 190 out 217 trading sessions so far this calendar year. On Monday, they were down 19% at $1.21 per million Btu.
German spot prices fall on the back of a wind forecast, while French prices increase on demand
On Thursday, the European spot electricity prices were mixed. Germany's fell on expectations of increased wind power generation, while French prices rose due to projected higher consumption. The LSEG report also identified the increased solar power and brown coal generation as factors affecting market. German baseload power fell 35.4% to 114.8 euros (123.50 dollars) per megawatt-hour (MWh) by 1035 GMT. This is down from the five-month-highs reached this week. The French equivalent contract increased by 4.3% to 109 euros/MWh. The French nuclear capacity remained at 79%.
Baker Hughes: US Rig Count Remains Steady
U.S. energy firms this week kept the number of oil and natural gas rigs operating unchanged for a record third week in a row, according to energy services firm Baker Hughes' data going back to 1987.The oil and gas rig count, an early indicator of future output, was steady at 585 in the week to Nov. 8, Baker Hughes said on Friday. Baker Hughes said that puts the total rig count down 31 rigs, or 5% below this time last year. Baker Hughes said oil rigs held at 479 this week, while gas rigs were unchanged at 102.The oil and gas rig count dropped about 20% in 2023 after rising by 33% in 2022 and 67% in 2021…
