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.

EU more reliant on Russian gas despite diversification efforts

15/01/2018 11:09:00

Russian major energy company Gazprom, supplied Europe with record amount of gas, despite cold diplomatic relations between Russia and the European Union.

<READ MORE

Daily (15.01.2018): UK day-ahead gas contract surged by 2.3% on Friday due to higher demand

15/01/2018 10:05:00

Oil prices surged on Friday, remaining on track for a fourth consecutive week of gains, bolstered by a drawdown in U.S. inventories and a pullback in production, combined with steady demand and the extension of OPEC’s global supply cut deal.

READ MORE

Turkey's National Energy Efficiency Plan welcomed by EBRD

12/01/2018 16:10:00

The European Bank for Reconstruction and Development (ERD) salutes Turkey's National Energy Efficiency Action Plan (NEEAP). It has as a target to reduce 14 percent of primary energy consumption by 2023 and invest almost $11 billion in energy efficiency measures.

READ MORE