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

14/07/2017 11:26 Daily

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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.

Egypt targets the increase in natural gas output by 100% by 2020

18/07/2017 13:43:00

The Egyptian petroleum ministry declared that the three recently discovered gas fields will boost Egypt’s natural gas output by 50% the next year, and double it by 2020.

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Saipem designated to build offshore LNG platforms in the Arctic

18/07/2017 11:05:00

Russia’s Novatek is planning on surpassing Qatar, the world’s leading exporter in LNG, with the help of Italy’s Saipem, which is expected to be assigned to build LNG platforms on the Gydan Peninsula in the Arctic.

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Daily (18.07.2017): UK gas price jumped by almost 7% on Monday on high exports to the continent

18/07/2017 09:57:00

Oil prices fell on Monday for the first time in the last six sessions. In a monthly report released on Monday, the U.S. EIA estimated a rise in August oil production from seven major US shale players, compared with July, with the Permian Basin expected to see the largest output climb. Brent crude decreased by 1% to close at $48.42 a barrel, while WTI price dropped by 1.12% to end at $46.02 a barrel.

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