Daily (05.06.2020): Oil prices steady on Thursday despite OPEC meeting uncertainty

05/06/2020 10:42 Daily


Crude oil futures were little changed on Thursday as the delay of the OPEC+ meeting added uncertainty to whether the producers would agree to extend production cuts by 9.7 million bpd into the second half of 2020. Hence, Brent crude for August delivery rose by 0.5% to settle at $39.99 a barrel, continuing to push for $40 per barrel. At the same time, U.S. WTI crude added 0.3% to close at $37.41 a barrel.

Colder weather forecasts and lower LNG supplies boosted the near-term British gas prices. As a result, the gas price for July 2020 delivery surged by 5.3% to 12.79 p/therm. On the curve, the gas price for year-ahead delivery increased by 1.4% to 32.72 p/ther, tracking higher oil prices.

European spot electricity prices lost ground on Thursday amid expectations for higher wind energy generation in Germany and stronger nuclear availability in France. The German day-ahead power fell by 8.5% to 24.30 EUR/MWh, while the equivalent power contract in France plunged by 21% to 17.85 EUR/MWh.

Year-ahead power prices were rather flat, with the German Cal’21 power contract 0.3% down at 38.17 EUR/MWh and the French Cal’21 power at 46.00 EUR/MWh.

EUAs expiring in 2021 rose by 0.6% to 22.56 EUR/tonne on Thursday despite tepid demand for emissions certificates and weaker coal.

Daily (03.08.2020): NBP spot climbed by 5% on Friday, due to higher gas-for-power demand

03/08/2020 11:10:00

Crude oil prices inched higher on Friday, stimulated by a weaker dollar and record high oil supply cuts by US in May. Consequently, Brent crude rose by 1.2% to $43.75 a barrel, while WTI futures increased by 0.6% to $41.27 a barrel.


EU bank provides €35m for EV charging stations in Spain

03/08/2020 09:40:00

The four-year project will see the roll out of 8,500 charging points for EVs and hybrid vehicles


Iberdrola obtains environmental permits for €180m solar pv projects

03/08/2020 09:35:00

Spanish multinational utility Iberdrola has obtained the Environmental Impact Statement (EIS) for four solar photovoltaic plants in the province of Cáceres.