The downtrend in the Nordic energy market returned last week. The negative effects of the American trade wars are having a clear impact on the markets. Last week, the oil price fell by more than 10%, and the large fall immediately influenced the electricity prices. The Nordic Q3-19 contract closed at EUR 33.40/MWh on Monday, a fall of EUR 2.79/MWh for the week and the lowest price level experienced so far this year. Continually wet weather forecasts have also contributed to the development. The YR-20 contract now costs EUR 34.20/MWh, EUR 1.31/MWh less than last week.
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Early Saturday morning, drones attacked two oil facilities in Saudi Arabia, causing the stop of half the country’s, and 5 % of the global oil production. Prices are rising sharply Monday as a result.
The Energi Danmark Group have hired Jesse Ruotsalainen as new managing director of their Finnish subsidiary Energia Myynti Suomi Oy.