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 (11.12.2019): UK month-ahead gas price down around 2% due to a potential Kiev-Moscow new gas transit deal

11/12/2019 11:07:00

Crude oil prices finished higher on Tuesday, getting a boost after OPEC and its allies decided to deepen oil production cuts by 500,000 bpd, but gains were kept in check as U.S.-China war still puts pressure on demand. Brent crude rose by 9 cents, or 0.1% to settle at $64.34 a barrel on ICE Futures Europe.. WTI crude increased by 22 cents, or 0.4% to close at $59.24 a barrel on NYMEX.

<READ MORE

Ovo takeover of SSE gets go-ahead

11/12/2019 08:41:00

Energy provider Ovo’s David and Goliath £500 million takeover of giant SSE today won the approval of competition regulators.

READ MORE

Denmark eyes 10GW offshore wind 'islands' in $45bn plan

11/12/2019 08:38:00

Denmark unveiled plans for one or more ‘energy islands’ each supporting at least 10GW of offshore wind at a cost of up to DKr300bn ($44.5bn), in what could be the world’s most ambitious renewable energy scheme to date.

READ MORE