Daily (02.10.2020): Oil prices fell to a two-week low on Thursday, posting their first monthly decline since April amid virus fears

02/10/2020 09:34 Daily


Oil prices dipped to a two-week low on Thursday as coronavirus flareup is causing renewed concerns over more lockdown measures, clouding the demand outlook. Moreover, a rise in OPEC output in September added further pressure on oil prices. Hence, Brent crude fell by $1.37, or 3.2%, to settle at $40.93 a barrel. Meanwhile, U.S. WTI crude shed by $1.50, or 3.7%, to close at $38.72 a barrel. In September, Brent lost 9.56%, while WTI 5.61%. This is the first month of decline since April.

A stronger wind power generation outlook and higher imports from Norway dragged down British near-term gas prices on Thursday, with the gas price for day-ahead delivery trading 1.9% down at 33.15 p/therm.


On the curve, the gas price for year-ahead delivery declined by 0.9% to 36.97 p/therm, tracking bearish oil and carbon prices.


European spot electricity prices dropped sharply on Thursday, influenced by higher wind and solar energy generation. Thus, the German day-ahead power dived by 13% to 35.68 EUR/MWh, while the French equivalent power contract plummeted by 12.7% to 38.50 EUR/MWh.


Year-ahead power contracts were bearish, tracking a bearish energy complex. As a result, the German Cal’21 power decreased by 1.4% to 41.05 EUR/MWh, while the similar contract in France settled at 45.92 EUR/MWh, posting a 2.7% loss day-on-day.


EUAs expiring in 2021 shed by 1.6% to 26.72 EUR/tonne on Thursday, pulled down by a poor auction result, worsening prospects for a UK-EU trade pact and a bearish energy complex.

Daily (24.11.2020): Oil prices hit multi-month highs on Monday as the vaccine race intensifies

24/11/2020 10:19:00

Crude oil futures hit multi-month highs on Monday as hopes of a new coronavirus vaccine 70% effective in late-stage trials unveiled by European drug maker AstraZeneca offset concerns about the surging number of infections and lockdown measures. Hence, Brent crude for January delivery soared by 2.5% to settle at $46.06 a barrel. Meanwhile, U.S. WTI crude rose by 1.5% to close at $43.06 a barrel.


Global carbon dioxide levels ‘remain at record highs despite Covid-19 lockdown’

24/11/2020 08:43:00

The last time carbon dioxide levels were that high was three to five million years ago, according to the World Meteorological Organisation


UK to double renewables capacity eligible for next subsidy auctions

24/11/2020 08:40:00

The next allocation round for renewable energy technologies such as offshore wind will open late next year