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.

UK prepares a scheme for domestic nuclear safeguards

18/09/2017 17:01:00

As UK is preparing to exit European Union, it has planned a domestic nuclear safeguards regime, proving its responsibility of a nuclear state. The withdrawal from Euratom will not lead to poorer safeguards standards and oversight in the nation, as announced by the UK secretary of state for Business, Energy and Industrial Strategy. 

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Azerbaijan: The deal to extend oilfield to 2049 signed by BP-led partners and SOCAR

18/09/2017 11:40:00

A deal has been signed between the Azerbaijan government, the State Oil Company of Azerbaijan (SOCAR) and BP-led partners for the Azeri, Chirag, and deepwater Gunashli field (ACG) in the Caspian Sea.

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Daily (18.09.2017): British gas contracts dipped on Friday due to weaker energy complex

18/09/2017 10:57:00

Oil prices were firm on Monday and stayed close to multi-month peaks hit late last week as the number of U.S. rigs drilling for new output fell and due to the restart of the refineries after Hurricane Harvey.

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