Daily (12.07.2018): Brent crude plummeted by almost 7% on Wednesday, on news that Libya would increase output

12/07/2018 13:00 Daily

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Oil prices slumped on Wednesday, on concerns of increasing trade tensions between two world’s major economies - United States and China. Brent crude tumbled by 6.9% to $73.40 a barrel, following the news that four ports in Libya would ease back in the game. Meanwhile, WTI crude traded 5% lower at $70.38 a barrel.

On Wednesday, strong Norwegian and domestic flows filled the gas market, with low heating demand leading to a decline in UK gas prices. NBP spot price fell by 1.4% to settle at 58.30 p/therm. August 2018 delivery contract traded 0.9% lower at 58.38 p/therm.

 

European power prices were mixed again on Wednesday, due to keen bullish trend in carbon on one side and slipping oil prices on the other. German spot power price soared by 1.5%, while the equivalent French contract surged by 1.4%. Both contracts settled at 53.31 EUR/MWh, as expected decline in wind power generation could not satisfy the demand. 

 

Along the forward curve, electricity prices had the opposite tendency. The German Cal’ 19 contract edged 0.2% lower at 45.71 EUR/MWh. The French equivalent contract for 2019 delivery was almost unaffected at 50.44 EUR/MWh.

 

EU carbon prices reached a fresh five-week peak on Wednesday, after positive UK auction. The carbon contract expiring in 2021 was 1.6% higher at 16.92 euros a tonne.

Daily (12.07.2018): Brent crude plummeted by almost 7% on Wednesday, on news that Libya would increase output

12/07/2018 13:00:00

Oil prices slumped on Wednesday, on concerns of increasing trade tensions between two world’s major economies - United States and China. Brent crude tumbled by 6.9% to $73.40 a barrel, following the news that four ports in Libya would ease back in the game. Meanwhile, WTI crude traded 5% lower at $70.38 a barrel.

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Electric vehicles could lift UK peak power demand by 5-8 gigawatts by 2030: National Grid

12/07/2018 09:58:00

The growing use of electric vehicles could increase peak electricity demand in Britain by between 5 and 8 gigawatts (GW) by 2030, National Grid said on Thursday.

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Gazprom, Uzbekneftegaz discuss Shakhpakhty gas field production

12/07/2018 09:45:00

Russian gas monopoly Gazprom and national holding company Uzbekneftegaz have discussed the bilateral cooperation between the companies, focusing on the joint development of the Shakhpakhty field in the former Soviet republic.

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