Daily (03.12.2020): Ongoing OPEC+ summit lent support to crude oil prices on Wednesday

03/12/2020 14:05 Daily

news

Crude oil prices moved higher on Wednesday, as the ongoing OPEC+ negotiations boosted investors’ confidence, thus lending support to prices. Hence, Brent oil gained 1.8% to close at $48.25 a barrel and WTI crude ended 1.6% higher at $45.28 a barrel.

The British day-ahead gas price found support from boosted demand on Wednesday, amid a drop in temperatures and limited renewable generation. As a result, NBP spot closed 2.5% higher at 43.30 p/therm. Contracts on the curve were also bullish following stronger oil prices. The gas contract for front-month delivery traded 0.8% higher at 43.62 p/therm.

 

European day-ahead power prices dropped significantly on Wednesday on forecasts of windier weather. Consequently, the German spot power price slumped by 35.1% at 48.00 EUR/MWh and the French spot power price ended 28.4% lower at 53.16 EUR/MWh.

 

Contracts on the curve edged lower yesterday, despite firmer oil, carbon and coal prices. As such, the German Cal’21 power contract shed by 0.7% to 42.90 EUR/MWH, while its French counterpart traded 0.9% down at 46.21 EUR/MWh.

 

European carbon prices reached a 2.5 month-high on Wednesday, supported by investors’ trust as they continued to build long positions. As such, the CO2 EUA expiring in December 2021 reached 29.75 EUR/tonne, upwards by 2.3% from Tuesday’s close.

Global CO2 emissions rising again after nearly 6% fall last year

03/03/2021 09:07:00

Global carbon dioxide emissions dropped by 5.8% in 2020 as the COVID-19 pandemic slowed economic activity, but they rebounded at the end of the year and are on course to rise further, the International Energy Agency said on Tuesday.

<READ MORE

UK Energy Suppliers To Pay £10.4m Fine For Overcharging Customers

03/03/2021 09:04:00

Ofgem has this morning charged 18 energy suppliers, including British Gas, Shell, and Scottish Power, a combined £10.4m for overcharging their customers.

READ MORE

Daily (02.03.2021): Oil prices fell sharply on Monday amid jitters that OPEC will raise output

02/03/2021 09:24:00

Crude oil futures extended losses on Monday amid supply concerns ahead of the OPEC+ key meeting on Thursday, rising output from Venezuela, and weak crude demand from China. Hence, Brent crude settled at $63.69 a barrel, dropping by $2.44, or 3.7%. Meanwhile, U.S. WTI crude fell by 0.86 cents or 1.4%, to end at $60.64 a barrel.

READ MORE