Daily (03.03.2020): Strong gains in oil prices on Monday, on optimism for OPEC further output cuts

03/03/2020 09:46 Daily

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Crude oil futures recorded strong gains on Monday, as central banks promised to protect financial markets from the impact of the coronavirus. Moreover, Russia announced its willingness to cooperate with Opec+ partners to support the world oil market.

Brent crude for May delivery surged by 2.7% to settle at $51.90 a barrel. U.S. WTI crude rallied by 4.5% to end at $46.75 a barrel.

 

British gas prices ended on a mixed note on Monday, with NBP spot edging 1% lower at 24.50 p/therm amid robust LNG deliveries.

 

Along the forward curve, gas prices tracked stronger equities and oil prices. Furthermore, forecasts for higher consumption also boosted prices. The gas price for Summer 2020 delivery soared by 2.4% to 23.19 p/therm, while the gas price for year-ahead delivery jumped by 2.2% to 35.66 p/therm.

 

European spot electricity prices for day-ahead delivery skyrocketed at the beginning of the new week, spurred by an expected rise in electricity demand due to cooler weather. German spot power contract surged by 307% to 36.25 EUR/MWh, while the equivalent contract in France jumped by 131% to 36.62 EUR/MWh.

 

Year-ahead power contracts increased, tracking a bullish energy complex.

 

German Cal’21 power contract traded 0.3% higher at 40.20 EUR/MWh, while the French equivalent contract firmed 0.2% at 42.10 EUR/MWh.

 

EUAs expiring in 2021 slipped by 0.4% to 23.71 EUR/tonne amid a robust auction.

Daily (27.05.2020): Energy prices recovered on Tuesday on strong optimism for a recovery in demand

27/05/2020 14:29:00

Oil prices continued the bullish evolution due to a possible extension of current oil production cuts beyond June after OPEC+ countries will meet at the beginning of next month.

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Uniper signs contract for planned German LNG terminal

27/05/2020 09:28:00

German power producer Uniper has signed a contract to build and charter an LNG terminal vessel for a planned project in Wilhelmshaven with Japanese partner Mitsui OSK Lines (MOL), it said on Tuesday.

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Yamal-Europe pipeline gas flows dive

27/05/2020 09:23:00

Deliveries along the Yamal-Europe pipeline dropped sharply on 24-25 May and were nominated even lower today, likely driven by weaker European demand for Russian gas.

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