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Feb 19 • 7 tweets • 3 min read
European power prices plummet as powerful storms are forecast to spur record wind generation 🌬 📉

🇩🇪 German power prices turn negative for some hours
🇬🇧 Rates fell in the UK, France, Spain & Italy

Power traders are facing a pretty volatile period

bloomberg.com/news/articles/…
The German day-ahead spot power price fell to 39.62 euros a megawatt-hour, the lowest since Dec. 30

Output from Germany’s wind and solar parks will surge about 8% above the demand for power at noon on Saturday
@ryanoferguson WindTok. Let’s make it happen
Wind power was meeting 48.5% of the UK's electricity needs at one point Friday morning, according to inews

That's way above normal, but falls short of Britain’s record, which was set in May 2021

inews.co.uk/news/storm-eun…
Gale-force winds boost wind power generation across Germany and France 🌬 🇩🇪 🇫🇷
German wind power for the week ties record 💨 🇩🇪
And European spot power prices continue to decline 📉📉📉

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More from @SStapczynski

Stephen Stapczynski Profile picture
Feb 18
Russian Foreign Minister Lavrov agreed to hold talks with US Secretary of State Blinken next week
❓🇺🇸🤝🇷🇺❓

This alleviated some concerns about geopolitical risks to fuel supplies

📉 WTI crude oil falls below $90/bbl
📉 European natural gas falls 6%

bloomberg.com/news/articles/…
Oil also slipped as investors weighed the possibility that Iran's nuclear deal may be revived 🛢️ #OOTT

An Iran deal could potentially pave the way for the removal of US sanctions on the nation’s crude exports, easing some of the bullish sentiment

bloomberg.com/news/articles/…
LNG imports to Europe have remained buoyant this year, which has also helped pull down gas prices 🚢
Read 7 tweets
Stephen Stapczynski Profile picture
Feb 18
Japan wants to sign a huge clean ammonia supply deal 🇯🇵

🚢 JERA, the nation's top power producer, just issued an RFP seeking to purchase up to 500,000 tons/year of clean ammonia from 2027 to the 2040s
🚢 This is essentially the biggest international auction ever for fuel ammonia
The goal is for JERA to replace ~20% of coal at a power plants with the ammonia in order to curb emissions

When ammonia is combusted, it doesn't produce CO2. However, producing ammonia today is still quite dirty. That's why JERA wants clean ammonia

bloomberg.com/news/articles/…
While ammonia has historically been used as a fertilizer, it’s receiving attention as both the government and companies pledge carbon emission reduction targets and try to reduce emissions from fossil fuels

More details here via @shoko_oda

bloomberg.com/news/articles/…
Read 6 tweets
Stephen Stapczynski Profile picture
Feb 17
Woodside's new climate plan triggers criticism for not properly addressing its carbon footprint 🇦🇺

Australia's top LNG exporter didn't set reduction goals for scope 3 emissions, which are generated by its customers & make up most of Woodside's pollution

bloomberg.com/news/articles/…
Woodside aims for net-zero emissions from equity in its projects -- known as Scope 1 and 2 -- by 2050

🏭 Woodside’s Scope 1 and 2 emissions from project equity were 3.2 million tons of CO2 equivalent in 2021
🏭 Scope 3 emissions were almost 12 times more, at 37.2 million tons.
While Woodside hasn’t set a firm target for Scope 3 emissions, the countries where its products are sold have the same net-zero commitments, said CEO O’Neill

The fuel that Woodside sells primarily goes to Japan, S Korea and China, which all have mid-century net-zero goals
Read 5 tweets
Stephen Stapczynski Profile picture
Feb 17
Pakistan’s natural gas supply crunch rages on 🇵🇰

ENI and Gunvor won’t deliver LNG scheduled for March to Pakistan, News says. That’s on top of several cargoes canceled since Nov.

To make matters worse, spot LNG prices are still prohibitively expensive

thenews.com.pk/print/934321-n…
Pakistan’s government plans to take legal action against ENI and Gunvor, the News says
Part of the issue appears to stem from the contracts, which allows suppliers to pay a 30% penalty to cancel an LNG shipment

Suppliers could then potentially make up the loss by just selling the shipment into the very expensive spot market
Read 8 tweets
Stephen Stapczynski Profile picture
Feb 16
📉 European natural gas prices fall to 3-month low 📉

💰 TTF futures have tumbled 60% from last year's record high to 64.5 euros/MWh
🇷🇺 Risk premium drops as Putin seeks diplomatic solution with US over Ukraine
👀 Russia says some troops return to base

bloomberg.com/news/articles/…
Warmer-than-normal temperatures and strong wind power output are also putting pressure on European gas prices

Don't forget: European gas prices are still really high

Dutch TTF gas futures are 3-times the 10-year normal

Here is a 2-year view of the March 2022 contract via ICE
Read 7 tweets
Stephen Stapczynski Profile picture
Feb 15
Russia’s Defense Ministry announced the start of a pullback of some forces after drills that raised US and European alarm about a possible military assault on Ukraine 🇷🇺

🛢️ Brent oil slips below $95/bbl
📉 European natural gas falls as much as 6%

bloomberg.com/news/articles/…
Russian defence minister released footage of military loading up equipment to return

Video shows the joint drills with Belarus wrapping up, according to RT
Brent crude oil futures drops below $94/bbl as traders weigh a possible cooling in Ukrainian crisis

#OOTT
Read 5 tweets

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