Daily (06.08.2020): Crude oil prices exceeded the 5-month high on Wednesday, after a large drop in US crude inventories

06/08/2020 10:40 Daily

news

Crude oil prices climbed above $45/bl on Wednesday, supported by a steep fall in U.S. crude inventories and weak U.S dollar. Consequently, Brent crude traded 1.7% higher at $45.17 a barrel. Similarly, WTI futures increased by 1.2% to $42.19 a barrel.

British futures gas prices rose on Wednesday tracking higher oil prices. The Winter 2020 delivery contract added 2% to close at 33.62 p/therm. Meanwhile, NBP spot slipped by 0.6% to 16.20 p/therm weighed by weaker demand.  


European spot power prices were bullish on Wednesday lifted by an increase in regional demand. The German day-ahead power price jumped by 12.4% to 33.28 EUR/MWh. Similarly, the French day-ahead power price hiked by 10.2% to 38.72 euros/MWh, due to decreased nuclear availability.

 

On the curve, electricity prices added momentum on Wednesday, tracking the upward trend in gas markets. The German power contract for delivery in 2021 added 1.6% to trade at 40.31 EUR/MWh. The equivalent French power contract traded 1.4% higher at 45.04 EUR/MWh.


EU carbon prices declined on Wednesday, on continued concerns over the coronavirus pandemics and despite a stronger auction in UK. The 2021-expiry contract fell by 3.4% to end at 27.11 EUR/tonne.

Iberdrola to create new business unit to develop green hydrogen

22/09/2020 09:12:00

Spanish utility Iberdrola said on Monday (21 September) it would create a new business unit aimed at developing green hydrogen to supply industry and heavy transport.

<READ MORE

Cengiz Energy invests $150M in Uzbekistan power plant

22/09/2020 09:01:00

Power plant will be operated by Cengiz Energy for 25 years

READ MORE

KKR unit targeting 135-MW FRV solar project in India

22/09/2020 08:53:00

A unit of US private equity group KKR & Co (NYSE:KKR) is in advancedĀ talks to buy the 135-MW Indian solar portfolio of Spain-based Fotowatio Renewable Ventures (FRV), the Economic Times reports.

READ MORE