Daily (07.12.2017): WTI crude futures dipped by 2.9% on higher U.S. inventories of refined products

07/12/2017 11:03 Daily

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Oil prices slumped on Wednesday after an unexpected increase in U.S. inventories of refined products that suggested demand might be weakening. Brent crude futures were down $1.64, or 2.6%, at $61.22 a barrel, after reaching a session peak of $62.93. Meanwhile U.S. crude futures dropped $1.66, or 2.9%, to close at $55.96.

British wholesale gas prices dipped on Wednesday because of high Norwegian flows which led to an oversupplied system and due to short-term forecasts for milder weather and strong wind generation.  NBP spot gas price dropped by 1.6% to 56.90 p/therm. The January contract traded 1.3% down at 59.04 p/therm. 

 

German day-ahead power prices rose on colder weather forecasts, while the French price fell on high wind electricity generation. German day-ahead baseload gained 9.3 percent to 34.14 euros/MWh, while the equivalent French contract was 21.4 percent off at 68.34 euros/MWh.


Year-ahead electricity prices eased with those of coal and oil. Benchmark French power prices for delivery in 2018 shed 1.2 percent to 42.77 euros/MWh. The equivalent German contract was 0.8 percent lower at 36.75 euros/MWh.


EU carbon prices fell for the third consecutive session, hitting a two-week low as weak auction demand signals and a bearish energy complex weighed on an agitated market approaching contract deliveries. Emission allowances expiring in 2020 ended 2.1% lower at 7.47 euros a tonne.
 

Scottish renewables company obtains approval for whisky fuel plant

13/12/2017 14:37:00

A company has obtained the green light to build a new plant at Scotland’s oil port of Grangemouth to make a petrol replacement from whisky residue. Falkirk Council offered Celtic Renewables an approval to construct a commercial demonstrator plant, which will annually generate over half a million liters of biofuel.

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ENGIE aims to switch to 100% green gas by 2050

13/12/2017 14:25:00

French energy firm ENGIE revealed its plans to get rid of natural gas by 2050.

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Daily (13.12.2017): European power prices hit contract peaks on Tuesday, after a blast at an Austrian gas hub

13/12/2017 11:32:00

Oil prices declined sharply on Tuesday, as traders took profits after prices increased tto a two-year peak on an unscheduled closure of the pipeline that carries the largest North Sea crude oil grade. Brent crude settled down $1.35, or 2.1 percent, at $63.34 a barrel. U.S. crude ended at $57.14 a barrel, or 1.5 percent lower.

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