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

03/12/2020 14:05 Daily


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.


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.


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.