Daily (02.08.2019): Oil prices plunged by over 7% on Thursday, as Donald Trump announced an extra 10% tariff on Chinese goods

02/08/2019 11:23 Daily

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Crude oil prices plummeted on Thursday to its lowest levels in about seven weeks, as U.S. President Donald Trump plans to implement an additional 10% tariff on Chinese imports from the September 1 of this year. Consequently, Brent crude traded 7.2% lower at $60.50 a barrel, while WTI futures declined by 7.9% to $53.95 a barrel.

British gas prices added ground on Thursday, due to maintenance works at several U.K gas sites, which could eventually reduce flows into the systems. NBP spot climbed by 10.3% for the day, closing at 31.50 p/therm. On the curve, the contract for delivery in Q4 2019 traded 5.2% higher at 47.20 p/therm.

 

European prompt power prices were down on Thursday as demand for power eased ahead of the weekend. The price for the German day-ahead power contract fell by 2.2% to 43.70 EUR/MWh. At the same time, the equivalent French contract settled 1.6% lower at 41.31 EUR/MWh, on modest wind and solar output.

 

Meanwhile, forward electricity prices added momentum tracking higher gas and carbon prices. The price for the German power contract for delivery in 2020 surged by 2% to 52.25 EUR/MWh, while the equivalent French contract traded 1.8% higher at 53.42 EUR/MWh.

 

EU carbon prices soared on Tuesday, as traders engage in buying positions ahead a month of limited auction volumes. As a result, the price for the 2021-expiry contract traded 5% higher at 30.29 EUR/tonne.

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BP: Total production from Azeri-Chirag-Gunashi oil field exceeded 3,6 billion barrels

14/11/2019 08:51:00

A total of 3,6 billion tons of oil has been produced since the commissioning of operation of Azeri-Chirag-Gunashli (ACG) fields, according to BP.

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Daily (13.11.2019): British spot gas price spiked by 6.5% on Tuesday on higher gas-for-power demand

13/11/2019 11:31:00

Oil prices nudged down on Tuesday on no new details after Donald Trump’s speech about the China-U.S. trade negotiations Meanwhile, concerns regarding slower economic growth and weaker oil demand still kept prices under pressure. Brent crude fell by 0.2% to $62.06 a barrel, while WTI futures edged 0.1% lower at $56.80 a barrel.

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