Daily (04.01.2018): UK day-ahead gas price fell 2.1% on Wednesday on milder weather and high wind generation

04/01/2018 10:44 Daily

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Oil prices surged by about 2 percent on Wednesday to the highest in 2-1/2 years, with purchasing stimulated by a sixth day of unrest in OPEC member Iran and strong economic data from the United States and Germany. International benchmark Brent crude futures ended up $1.27 a barrel, or 1.9 percent, to $67.84 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures settled at $61.63 a barrel, up $1.26, or 2.1 percent.

The British wholesale gas price fell on Wednesday as higher temperatures and increased production from the country's wind farms reduced demand for gas. The day-ahead gas price dropped 1.15 pence, or 2.1%, to 52.50 p/therm. Further out on the curve prices slipped. February 2018 contract traded 1% down at 54.69 p/therm.

 

European spot electricity prices soared sharply on Wednesday amid winter tempests that were likely to decline by Thursday, while forwards power prices stabilised after a weaker start.


German baseload power for the day-ahead hiked by 232.9% to 29.86 euros/MWh, having been slashed a day earlier by the prospects of strong wind power generation. The contract’s French equivalent increased by 85.8% to 30.7 euros/MWh.


Among contracts along the curve, the German year-ahead delivery price was almost unchanged at 36.97 euros/MWh. The French equivalent contract stood slightly down at 41.65 euros/MWh.


Purchasers failed to push carbon back above €8 on Wednesday, but EUAs curtailed further losses following the previous session’s 4.5% decline, as some observers suggested the market could stabilise. The carbon contract expiring in 2019 closed 0.3% up at 7.89 euros a tonne.
 

Daily (14.10.2019): Brent crude climbed by over 2.4% on Friday, following an Iranian tanker explosion in the Red Sea

14/10/2019 11:48:00

Crude oil prices soared on Friday, bolstered by rising tensions in the Middle East following a missile attack on an Iranian tanker. Hence, Brent crude traded 2.4% up at $60.51, while WTI futures rose by 2.2% to $54.70 a barrel.

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Repsol sets up renewables unit

11/10/2019 16:01:00

Spanish oil business Repsol has established a renewable energy subsidiary, Repsol Renovables and plans to have 4.5 GW of clean energy generation capacity in 2025. And the fossil fuel giant claims it already has a clean energy pipeline in place sufficient to hit 90% of that ambition.

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Chongqing gas mine plans to build 10 billion square gas field

11/10/2019 15:58:00

Chongqing Daily reporter learned that the gas mine is speeding up the shale gas business and tapping the potential of the old area, and plans to stop the decline and pick up natural gas production by 2020, with natural gas production exceeding 5 billion square meters by 2025 and 8 billion square meters by 2035 and striving to reach 10 billion square meters.

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