Daily (05.09.2019): Oil prices jumped by over 4%amid upbeat economic data from China and forecasts for weaker US inventories

05/09/2019 12:00 Daily

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Oil prices hiked on Wednesday as optimistic economic data from China brought purchasers back to the equities market. Moreover, expectations for a drop in US crude inventories for  the third consecutive week also lent support to prices. Brent crude added 4.2% to close at $60.70 a barrel. WTI futures surged by 4.3% to end at $56.26 a barrel.

An oversupplied system led to a decline in British wholesale gas prices on Wednesday. . NBP spot price lost 5.4% to trade at 19.40 p/therm. Meanwhile, the Q4 2019 delivery contract ended 1.6% lower at 39.70 p/therm.

 

Stronger wind forecasts coupled with steady consumption weighed on the European spot electricity prices on Wednesday. The price for the German prompt power price slumped by 6.7% to 31.72 EUR/MWh. In the meantime, the German equivalent contract traded 1.4% lower at 32.62 EUR/MWh. 

 

Forward power prices gained momentum on Wednesday, stimulated by higher carbon prices. The German Cal 2020 delivery contract added 1.5% to end at 47.75 EUR/MWh. The same increase was noticed in the French equivalent contract, which closed at 49.53 EUR/MWh.

 

European carbon prices soared close to the €26-level on Wednesday, as the risk of a no-deal Brexit reduced, after a cross-party by UK lawmakers tried to avert it. The contract expiring in 2020 closed 1% higher at 25.74 euros/tonne.

Daily (23.01.2020): Brent fell over 2% on Wednesday on supply glut concerns, coronavirus spread in China

23/01/2020 11:10:00

Crude oil prices fell more than 2% on Wednesday following a supply glut forecast released by IEA. Moreover, the spread of China’s coronavirus increased concerns about demand. Brent crude for March delivery dipped $1.38, or 2.1%, to settle at $63.21 a barrel on ICE London. WTI for February shed $1.64, or 2.8%, to end at $56.74 on NYMEX.

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UK awards £50m for clean energy projects in Africa

23/01/2020 10:49:00

The UK Government has announced an investment of more than £50 million to support clean energy projects across countries in Africa.

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'Power of Siberia' Pipeline Begins Flow to China

23/01/2020 10:37:00

China has started to consume Russian gas via the newly launched "Power of Siberia" pipeline, said CNPC-backed Kunlun Energy Ltd, operator of the pipeline in China, on Wednesday.

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