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

04/01/2019 13:38 Daily

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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 (15.08.2019): European spot power prices plummeted by over 21% on Wednesday, amid low demand due to a public holiday in the region and surging wind output

15/08/2019 11:40:00

Crude oil prices reversed earlier gains on Wednesday, amid disappointing economic data in China and the Eurozone, particularly in Germany, worsening the crude demand outlook. A surprise increase in the U.S. crude inventories added to the bearish market sentiment. In addition, traders were focused on profit taking after Tuesday’s rise. As a result, Brent crude fell by 3% to $59.48 a barrel, while WTI futures dropped by 3.3% to $55.23 a barrel.

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Jan De Nul to install offshore turbines at Denmark's 605-MW Kriegers Flak

15/08/2019 08:38:00

Marine contractor Jan De Nul Group has been hired to install the turbines at the 604.8-MW Kriegers Flak offshore wind farm in the Baltic Sea, off the Danish coast.

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TurkStream's receiving terminal 95% complete

15/08/2019 08:34:00

Construction of the TurkStream Offshore Gas Pipeline Project's gas-receiving terminal at Kıyıköy – Turkey's main onshore section – is 95% complete, the project company announced Wednesday.

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