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

news

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.

US wind additions to peak at 14.6 GW in 2020 - Wood Mackenzie

13/09/2019 11:22:00

The US wind industry will witness the addition of a record 14.6 GW of capacity in 2020 as developers are rushing to complete their projects ahead of the planned phase-out of the federal production tax credit (PTC), Wood Mackenzie says.

<READ MORE

SSE to sell energy services unit to OVO Energy in 500 million pound deal

13/09/2019 11:16:00

SSE Plc (SSE.L), one of Britain’s big six energy suppliers, said it had agreed to sell its energy services unit to OVO Group for 500 million pounds ($617.6 million), including debt, as it looks to focus on renewable energy and electricity networks.

READ MORE

Floating wind-to-hydrogen plan to heat millions of UK homes

13/09/2019 11:09:00

Project aiming to deploy 4GW, £12bn 'green hydrogen' array in the North Sea is backed by UK government

READ MORE