Daily (14.07.2017): Oil prices rose 1.4% on Thursday as world oil demand is picking up

14/07/2017 11:26 Daily

news

Oil prices rose on Thursday as evidence that world oil demand is picking up, notably in the United States and China, the world's two biggest oil consumers. Growing demand is helping to drain a global fuel glut but the rebalancing of the oil market is taking longer than anticipated. Brent crude jumped by 1.42% settling at $48.42 a barrel, while the WTI price increased by 1.3% to $46.08 a barrel.

Prompt British wholesale gas prices fell on Thursday as demand for gas has dipped slightly due to expectations of strong output from the wind farms while an increase in imports from Norway left the market oversupplied, dampening prices. NBP spot contract tumbled by 1.27% to 33.42 p/therm. Further along the curve, most contracts rose by 0.1%-0.6%. Winter 2017 contract edged up by 0.48% at 44.31 p/therm.

 

Prices in the European wholesale power market continued to be mixed on Thursday. Germany's power price rose sharply in the European wholesale market as French nuclear supply looked tight in the interconnected marketplace. French demand was limited due to Bastille holiday on Friday. German spot power contract closed 8.68% higher at 36.81 euros/MWh, while French electricity price fell by almost 6% to end at 34.05 euros/MWh. Further along the curve, German Cal 2018 benchmark price slightly rose by 0.25% to settle at 31.49, euros/MWh, while French power contract for delivery in 2018 edged down by 3 cents to 37.06 euros/MWh.

 

EU carbon prices fell by more than 2.1% canceling out the previous session’s gains, but still holding above €5.40 level. The EUA Cal 2018 closed at 5.41 euros/ton, while the EUA 2019 settled at 5.49 euros/ton.

Kazakhstan will get from Vitol up to $5 billion for oil deals

19/09/2017 13:15:00

Commodity trader Vitol has increased its export prepayment loans to state oil companies in Kazakhstan to US$5 billion, reinforcing its position in extracting Kazakh oil at a moment when the production of the central Asian nation might grow, as reported by Financial Times on Monday.

<READ MORE

Daily (19.09.2017): European carbon contracts traded 3% down on Monday on lower coal and power prices

19/09/2017 10:57:00

Crude oil prices dropped slightly on Monday, but remained close to recent highs as traders braced for a potential stockpile build, likely to occur later this week.

READ MORE

Shell aims to enter UK electricity market

19/09/2017 10:06:00

Shell Energy Europe announced its intention to enter the UK ellectricity market. For the sake of electricity supply it has applied for a licence to provide power to industrial and commercial businesses in Britain. The licence should be signed now, as planned by oil giant, in order to start supplying electricity at the beginning of next year.

READ MORE