Daily (06.04.2019): Brent crude jumped by nearly 14% on Friday, on hopes for new output cuts by world oil leaders

06/04/2020 11:06 Daily

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Crude oil prices rebounded on Friday, marking the first weekly rise in more than a month, after OPEC leader, Saudi Arabia, announced the willingness to have an emergency meeting to potentially cut oil supplies and solve the oil price war. Consequently, Brent crude for June delivery traded 13.9% higher at $34.11 a barrel. Similarly, WTI futures spiked by 11.9% to $28.34 a barrel.

 

British spot gas prices fell on Friday due to warmer weather and higher wind output that reduced gas-for-power demand. As a result, NBP spot plunged by 10.3% to 15.75 p/therm. On the curve, prices were bullish mirroring the upward evolution in oil prices. The Q3 2020 delivery contract added 2% to close at 19.65 p/therm.

 

European spot power prices were bearish on Friday influenced by a drop in electricity consumption in the region. The German day-ahead power price fell by 10.6% to 20.15 EUR/MWh. Similarly, the French day-ahead power price tumbled by 23.9% to 16.83 EUR/MWh.

 

On the curve, electricity prices added momentum on Friday, tracking bullish gas markets. The German power contract for delivery in 2021 added 1.4% ending at 36.12 EUR/MWh. The equivalent French power contract traded 1.8% higher at 40.26 EUR/MWh.

 

EU carbon prices declined on Friday, on persisting worries over the coronavirus outbreak and its negative impact on the energy market. The price for the 2021-expiry contract fell by 0.5% to end at 18.33 EUR/tonne.

Daily (26.06.2020): German forward prices increased by over 2% on Monday tracking stronger carbon prices

26/05/2020 13:15:00

Oil markets were relatively quiet with no significant movements on Monday due to Memorial Day in US and Spring Bank Holiday in the UK. However, o firmer demand and output cuts lent support to prices.

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Hard coal alliance proposes runtime extension for 'reserve' under Germany's phase-out - report

26/05/2020 11:49:00

An alliance of hard coal plant operators plans to achieve an expansion of the runtime of Germany's seven most modern hard coal plants by proposing to shift them into an "energy transition reserve" to back up intermittent renewable power production, Christian Geinitz reports for the Frankfurter Allgemeine Zeitung.

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Orsted consortium plans offshore Power-to-X play

26/05/2020 11:31:00

Orsted and a consortium of Danish companies have formed a landmark partnership to develop an industrial-scale transport fuel production facility in the Copenhagen area that will be powered by offshore wind in the Baltic Sea.

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