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 (14.06.2019): Oil prices hiked by 2.2% on Thursday, due to conflict in the Gulf of Oman

14/06/2019 09:34:00

Crude oil prices rose on Thursday, after two oil tankers were attacked in the Gulf of Oman stoking fears of a new conflict between Iran and the United States, the latter blaming Tehran for the incident. As a result, Brent crude increased by 2.2% to $61.31 a barrel, while WTI futures closed 2.2% higher at $52.28 a barrel.

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France awards 516 MW of onshore wind in latest tender round

14/06/2019 09:07:00

The French government has selected 516 MW of winning projects in its third onshore wind tender, it announced on Wednesday.

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Pair of Qatari LNG cargoes heading for Zeebrugge

14/06/2019 09:04:00

The Fluxys-operated Zeebrugge liquefied natural gas terminal in Belgium booked a pair of cargoes of LNG from Qatar.

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