Daily (01.06.2020): WTI crude hovered above $35 a barrel on Friday, gaining 6.7% for the week

01/06/2020 11:00 Daily

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Crude oil futures gained ground in the last trading day of the month after the release of the EIA’s report showing a further drop in oil well drilling in the United States. Hence, Brent crude for July delivery rose slightly to $35.33 a barrel, while, the more active August contract settled at $37.84, edging $1.81 higher, or roughly 5%. WTI crude for July delivery settled at $35.49 a barrel, surging $2.24, or 5.3%.

For the month, both benchmarks recorded steep monthly rises due to falling global production, with WTI logging an increase of 88%, while Brent jumped by 40% , to hit its highest monthly jump since March 1999.


Reduced gas flows from Russia and forecasts for colder weather in the UK buoyed British gas prices on Friday, with the NBP spot soaring by 7.1%  to 9.00 p/therm. On the curve, the gas price for Q4 2020 delivery gained 0.7% at 26.85 p/therm, tracking stronger oil prices. 

 

European spot power prices sank on Friday, dragged down by an expected robust wind power generation and weaker demand in both Germany and France.  As a result, the German day-ahead power price plunged by 44.7% to 12.54 EUR/MWh, while the price for the equivalent contract in France dived by 30.4% to 11.70 EUR/MWh. 


Year-ahead power contracts diverged, with the French Cal’21 power trading 0.7% lower at 45.18 EUR/MWh, tracking a bearish energy complex. At the same time, the German Cal’21 power contract settled rather flat at 37.13 EUR/MWh.


European carbon prices were buoyed by bullish technical indicators on Friday, with EUAs expiring in 2021 edging 0.7% higher at 21.76 EUR/tonne. 

Daily (07.07.2020): The German Cal’21 power climbed to a 20-week high on Monday, keeping the pace with EUAs above 30 Eur

07/07/2020 11:11:00

Crude oil futures edged higher on Monday, supported by a string of data showing an economic recovery across the globe and amid improving OPEC+ compliance. However, oil continued to be pressured by the surging coronavirus cases. Hence, Brent crude from September delivery rose by 0.7%, or 30 cents, to settle at $43.10 a barrel. At the same time, U.S. WTI crude settled at $40.63 a barrel, up 1% day-on-day.

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Equinor leads clean hydrogen plus CCS project in UK

07/07/2020 09:45:00

Norwegian state-controlled energy company Equinor ASA last week announced it is leading a project in the UK that combines hydrogen production and carbon capture and storage (CCS).

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Enagas and BP partner on LNG, CNG as fuel in Spain

07/07/2020 09:36:00

Enagas and a unit of BP have teamed up to promote the use of LNG and CNG as fuel for the transport sector in Spain as part of a move to reduce emissions.

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