Daily (04.02.2019): Oil prices rose by 1.4% on Friday, amidst bullish U.S. jobs data and sanctions on Venezuelan exports

04/02/2019 11:32 Daily

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Oil prices inched up on Friday as U.S. data showed upbeat job growth figures. At the same time, U.S sanctions on Venezuelan oil exports and news that oil drillers will cut production also supported prices. Brent crude rose by 1.4% to 62.75 USD/bbl, while WTI crude hiked by 2.7% to settle at 55.26 USD/bbl.

An oversupplied system and slightly milder weather forecasts have put pressure on British wholesale gas prices on Friday. NBP spot price slumped by 3.1% to 51.55 p/therm, while the contract for March 2019 delivery traded 2.8% lower at 50.07 p/therm.

 

European spot electricity prices resumed the bearish trend on Friday on robust thermal and renewable power supply that reduced demand. The German day-ahead power price plunged by 9.5% to 50.19 EUR/MWh, while the equivalent French contract traded 15.6% lower at 50.21 EUR/MWh, despite colder weather forecasts.

 

Further along the curve, prices were rather constant. The German power contract for delivery in 2020 traded 0.5% higher at 49.03 EUR/MWh. Meanwhile, the equivalent French contract was almost flat at 51.52 EUR/MWh.

 

EU carbon prices lost ground on Friday due to weak fundamentals and sluggish trading activity. The price for the 2021-expiry contract was 1.5% down at 22.92 EUR/tonne.

Daily (18.02.2019): WTI crude soared on Friday by 2.2% buoyed by U.S. sanctions on Venezuela and Iran

18/02/2019 11:27:00

Oil prices soared on Friday, buoyed by U.S. sanctions against Venezuela and Iran. At the same time, OPEC-led supply cuts also supported prices. Brent crude settled 2.6% higher at 66.25 USD/bbl, or the highest value this year. At the same time, WTI crude climbed by 2.2% to 55.59 USD/bbl.

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China starts to build world's first space-based solar power plant

18/02/2019 11:16:00

With scientists revealing plans to build the first solar power station in space, China is taking its renewable energy push to new heights, said the Sydney Morning Herald.According to China's Science and Technology Daily, construction of the first experimental space power plant began in Chongqing, southwest China, weeks ago. Li Ming, senior vice president of the China Academy of Space Technology, said China is expected to become the first country to build such a plant with practical value.

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Italian Eni increases oil & gas production in Kazakhstan

18/02/2019 11:06:00

Italian Eni increased its oil and natural gas production in Kazakhstan by 8.3 % in 2018 compared to 2017, Trendreports with reference to the company’s data.

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