Daily (02.12.2019): Brent crude down 2.3% on Friday, but 6 % higher on a monthly basis due to a potential extension of production cuts by OPEC

02/12/2019 10:12 Daily

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Oil prices tumbled on Friday on new tensions between China and the US, but settled higher on a monthly basis on hopes for OPEC+ extension of production cuts beyond March. 

Brent crude lost 2.3% to end at $62.43 a barrel on Friday, down 1.5% on the week. For November, Brent recorded a rise of about 6%, its best month since April. WTI crude declined by $2.94 to $55.17, posting a 4.1% loss on the week, after three consecutive increases. However, WTI ended the month with a 2.3% gain, its highest since June.

 

British wholesale gas prices slumped on Friday due to a supply glut. The NBP spot prices eased 1.3% to trade at 40.55 p/therm. An oversupplied system is expected over the next few weeks, with 13 LNG tankers scheduled to arrive in the UK by Dec. 15. Further along the curve, prices also fell. The gas contract for Summer 2020 delivery declined by 1.1% to 37.80 p/therm, while gas price for 2020 delivery decreased by 1% to 40.97%.

 

European spot power contracts diverged on Friday, with the German contract up 4.8% at 42.01 euros/MWh, due to declining wind power supply. The French contract dipped 10.7% at 42.32 euros/MWh, on steady nuclear availability.

 

Forward contracts lost ground on Friday following the downward evolution of the energy complex.  The German Cal ‘20 baseload contract settled at 45.76 euros, down about 1%. The French equivalent contract eased 0.4% at 49.14%.

 

The EUAs traded above the €25-levelon Friday. Despite several bearish fundamental signals, the contracts posted 2.6% weekly gains. The prices for the EUAs expiring in 2020 increased by 0.8% to 25.36 EUR/tonne

Daily (05.12.2019): Oil prices skyrocketed about 4% on Wednesday ahead of the OPEC meeting

05/12/2019 10:41:00

Crude oil prices skyrocketed on Wednesday, buoyed by hopes of deeper production cuts from OPEC and its allies and following a larger-than-expected drop in U.S. stockpiles. Brent crude soared by 3.6% to settle at $63 a barrel. WTI crude gained 4.2%, closing at $58.43 a barrel. It was its third straight day of gains, and its best day since September.

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France's EDF extends Cruas 2 nuclear reactor outage to Saturday

05/12/2019 09:13:00

French utility EDF on Wednesday extended the outage at its 900 MW Cruas 2 nuclear reactor by two days until Saturday, adding that resumption of power generation could be delayed by ongoing safety checks following an earthquake.

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Total to supply LNG fuel to CMA CGM vessels for 10 years

05/12/2019 09:09:00

French energy major Total and compatriot shipping company CMA CGM have signed an agreement for the supply of approximately 270,000 tonnes of LNG per year over ten years.

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