Daily (04.01.2019): Brent crude surged by around 2% on Thursday due to OPEC production cuts

04/01/2019 13:38 Daily

news

Oil prices continued the upward trend in a volatile session on Thursday. Saudi Arabia’s production cuts under OPEC agreement tempered the concerns about a supply glut. Moreover, OPEC is set to support the market through more-than-planned output cuts by the end of January. Consequently, Brent crude rose by 1.9% to $55.95 a barrel, while WTI crude was 1.2% up at $47.09 a barrel.

 

UK gas prices decreased on Thursday, as strong imports from Norway and additional LNG cargoes led to an oversupplied system. The gas price for next-day delivery went 1.8% down to 60.15 p/therm. The contract for delivery in Q2 19 traded 0.9% lower at 54.07 p/therm.

 

European spot electricity prices were mixed on Thursday. The price for the benchmark German power contract for Friday delivery plummeted by 13.5%% to 49.91 EUR/MWh, because of robust wind generation. On the other hand, the equivalent French contract traded 6% up to 64.93 EUR/MW, due to higher demand.


On the electricity curve, prices had a strong downward evolution tracking weak coal markets. German electricity contract for delivery in 2020 ended 3.8% lower at 49.21 EUR/MWh. The equivalent French contract settled 3.8 down at 52.36 EUR/MWh.


European carbon prices dropped in a weaker session on Thursday, in reaction to an array of declining factors. The 2020-expiry contract closed 7.9% lower at 23.83 EUR/tonne.

 

Daily (15.01.2019): Brent crude dipped by 2.5% on weak China import-export data

15/01/2019 11:38:00

Oil prices dropped on Monday as China reported weakening import-export data, which added to persistent concerns about a global growth slowdown. Brent crude plunged by 2.5% to $58.99 a barrel, despite support from OPEC-led output cuts. WTI futures slumped by around 2% to settle at $50.51 a barrel.

<READ MORE

SSE completes £970m Caithness-Moray transmission project in Scotland

15/01/2019 09:31:00

The company said that its subsidiary Scottish and Southern Electricity Networks Transmission (SSEN Transmission) completed the construction, commissioning and energization of the Caithness-Moray project on time and within the allowance approved by Ofgem.

READ MORE

Importers hike the price of Russian gas in Romania

15/01/2019 09:28:00

WIEE, a company that imports Russian natural gas to Romania, notified its customers about a 2% price hike effective January 1, 2019, local Economica.net reported.

READ MORE