Daily (07.01.2019): The entire energy complex in a bullish mood on Friday

07/01/2019 12:08 Daily

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Oil prices continued to gain momentum on Friday after China declared it would hold trade discussions with the United States. Moreover, China's services sector noticed an expansion in December, according to a survey.

In addition to that, a decline in crude supply following OPEC cuts and weaker US crude inventories also lent support to prices. Brent crude ended 2% higher at $57.06 a barrel, while WTI crude was 1.9% up at $49.76 a barrel.

 

On Friday, lower temperatures and increased demand for heating boosted British gas prices on the curve. The contract for delivery in Summer 2019 settled 2.2% higher at 54.53 p/therm. On the other side, NBP day-ahead price slipped by 0.3% to 60 p/therm, because of a slightly oversupplied system.

 

European prompt electricity prices fell in the two major markets on Friday, due to lower demand ahead of the weekend. Germany’s baseload price for day-ahead delivery stood 15.5% lower at 42.18 euros/MWh. The same French position’s price was 3.5 percent down at 62.66 euros.

 

The power forwards curve recovered after two days of losses, tracking bullish coal and carbon markets. Both German and French contract for 2020 delivery traded 0.6% higher at 49.50 and 52.66 euros/MWh respectively.

 

The upward trend in the entire energy complex led to higher European carbon prices on Friday, which rebounded after posting losses in the previous session. The carbon contract expiring in December 2021 ended 1.6% up at 24.90 euros a tonne.

 

Daily (20.03.2019): EU carbon prices fell by more than 3% on Tuesday, due to a bearish energy complex and continued Brexit uncertainty

20/03/2019 10:12:00

Crude prices diverged slightly on Tuesday. On one side, prices were supported by OPEC-led supply cuts OPEC. On the other side, rising U.S. output put pressure on the market. Brent crude edged 0.1% higher at $67.61 a barrel, while WTI crude traded 0.1% lower at $59.03 a barrel.

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20/03/2019 10:02:00

UK offshore oil and gas production has increased by a fifth over the past five years, following 14 years of decline.

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Ofgem backs 600MW Shetland grid link

20/03/2019 09:57:00

UK energy regulator Ofgem said is it minded to approve construction of a 600MW subsea interconnector from Shetland to mainland Scotland to support renewables expansion.

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