Daily (07.12.2020): An agreement at the OPEC+ summit boosted oil prices on Friday

07/12/2020 12:59 Daily

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The positive conclusion of the OPEC+ summit and the decision of its members to increase production gradually over the course of 2021, lent support to crude oil prices, sending them higher on Friday. As such, Brent crude for February delivery edged 1.1% higher at $49.25 a barrel, while WTI oil ended 1.4% up at $46.26 a barrel.

British gas prices increased on Friday, supported by stronger demand amid colder weather forecasts. Thus, NBP spot rose by 1.3% to 42.55 p/therm. Contracts on the curve were also bullish tracking firmer crude oil prices. Consequently, the gas contract for Summer 2021 delivery traded 2.9% higher at 33.64 p/therm.

 

European power prices found support on Friday due to an increase of consumption levels, amid weaker gas supply and freezing temperatures. Despite forecasts for stronger wind generation, the German spot power price soared by 11% to close at 46.39 EUR/MWh. At the same time, the EDF warned of an upcoming strike by power workers, leading to a 0.2% decline in the French spot power price to 51.05 EUR/MWh.

 

Contracts on the curve increased on Friday, due to bullish oil and carbon prices. As a result, the German Cal’21 power contract traded 2.1% higher at 43.48 EUR/MWh, while its French counterpart was 2% up at 47.04 EUR/MWh.

 

European carbon prices closed above the €30 mark on Friday, supported by stronger stimulus sentiment and optimism regarding a Brexit deal. Hence, the CO2 contract expiring in December 2022 was 3.8% up at 30.57 EUR/tonne.

Daily (26.02.2021): Brent crude rally take a breather, while U.S. WTI crude ends at its highest since May 2019

26/02/2021 09:49:00

Crude oil prices diverged on Thursday, with Brent crude steadying after a period of optimism amid concerns over OPEC+’s willingness to continue output cuts grow. In contrast, U.S. WTI crude gained ground, spurred by optimism of quickly depleting global oil inventories. Hence, Brent crude lost 0.2% to settle at $66.88 a barrel. Meanwhile, U.S. WTI crude rose by 0.5% to 63.53 a barrel, marking its highest finish since May 2019.

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Portugal sees green hydrogen output by end-2022, $12 billion in investment lined up

26/02/2021 08:59:00

Portugal will start producing green hydrogen by the end of 2022 and already has private investment worth around 10 billion euros ($12 billion) lined up for eight projects that are expected to move forward, Environment Minister Joao Matos Fernandes said.

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Geothermal energy projects in the US receive $46m boost

26/02/2021 08:55:00

A total of 17 projects in the US are receiving up to a total of $46 million (£33m) in funding for domestic, carbon-free geothermal energy, with the potential to supply power to homes across the country.

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