Daily (03.07.2020): Brent and WTI settled on Thursday at their highest levels since March amid lower U.S. unemployment rate

03/07/2020 09:49 Daily


Crude oil futures posted a second consecutive day of gains on Thursday, with Brent and WTI hitting their highest levels since March 6, after a decline in U.S. unemployment rate and a sharp drop in crude stockpiles earlier this week. Hence, Brent crude for September delivery soared by $1.11, or 2.64%, to settle at $43.14 per barrel. At the same time, U.S. WTI crude edged 83 cents higher, or 2.08%, to end at $40.65 per barrel.

A well supplied system due to higher flows from Norway weighed on British near-term gas prices on Thursday, with NBP spot 5.5% down at 14.50 p/therm. Further on the curve, prices increased in tandem with oil prices, with the gas price for Q1 2021 delivery trading 0.8% higher at 37.17p/therm.

German and French spot electricity prices decreased sharply on Thursday, dragged down by robust renewable and nuclear supply, as well as by weaker demand before weekend. Consequently, the German day-ahead power price dipped by 10.2% to 34.93 EUR/MWh, while the price for the equivalent contract in France dived by 6% to 36.57 EUR/MWh.

Year-ahead power prices posted minor losses, tracking lower carbon prices. Thus, the German Cal’21 power and the French Cal’21 contracts declined slightly by 0.2% to trade at 41.77 EUR/MWh and 48.44 EUR/MWh respectively.

EUAs expiring in 2021 retreated on Thursday, but extended the previous session’s 11-month high, despite a robust supply injection over the rest of the year. As a result, EUAs expiring in 2021 lost 1.3% at 27.66 EUR/tonne.

Daily (21.09.2020): German spot power price fell by more than 13% on stronger wind output

21/09/2020 11:25:00

A slide in oil prices was noticed on Friday, as worries about the increasing number of coronavirus infections across the world stalled oil demand. Furthermore, a potential return of oil output from Libya weighed on the oil market. However, a new tropical storm in the U.S. Gulf of Mexico limited losses. Hence, Brent crude slipped by 0.4% to $43.15 a barrel. At the same time, the American WTI dropped by 0.3% to $41.11 a barrel.


Diesel prices fall again on the back of easing global crude oil prices

21/09/2020 09:11:00

The recent fall in transport fuel prices comes in the wake of softening of global oil prices as an extended run of Covid-19 has depressed demand and created a glut in the market.


Turkey extends renewable energy support mechanism date

21/09/2020 09:03:00

If plant equipment is locally-produced, additional support for five years will be given starting from commission date