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 (19.03.2019): NBP gas prices continued to fall by around 1% on Monday due to oversupply

19/03/2019 10:13:00

Crude oil prices inched up on Monday supported by the extension of OPEC-led supply cuts and a decline in U.S. crude inventories. Brent crude edged 0.6% higher at $67.54 a barrel, while WTI futures traded 1% higher at $59.09 a barrel.

<READ MORE

Azerbaijan suspends pumping oil through Baku-Novorossiysk

19/03/2019 09:18:00

According to Azerbaijan´s Trend, the country has suspended oil pumping through Baku-Novorossiysk, said Ibrahim Ahmadov, Deputy Head of the Public Relations Department at SOCAR.

READ MORE

UK’s LNG Imports Jump To Highest Since 2015

19/03/2019 09:14:00

The UK is on track to import this month its highest volume of liquefied natural gas (LNG) since October 2015, as a wave of new global LNG supply and muted winter demand and low spot prices in Asia are boosting flows of the fuel to Europe.

READ MORE