Daily (08.02.2019): WTI crude tumbled by 2.5% on Thursday, due to rising U.S. crude production and inventories

08/02/2019 10:51 Daily

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Oil prices retreated on Thursday, amidst rising U.S. crude inventories and upbeat production levels. However, Washington sanctions against Venezuela and OPEC supply cuts supported the markets. As a result, Brent crude dipped by 1.7% to 61.63 USD/bbl, while WTI crude plunged by 2.5% to 52.64 USD/bbl.

British wholesale gas prices lost ground on Thursday, pressured by the expectations of a stronger output from the country’s wind farms. NBP spot price dropped by 1.6% to 49.85 p/therm, while the contract for March 2019 delivery edged 0.1% lower at 49.81 p/therm.

 

European spot power prices resumed their bearish trend on Thursday, amidst stronger wind supply estimates and milder weather forecasts.The French day-ahead power price fell by 1.7% to 47.39 EUR/MWh, whereas the equivalent German contract tumbled by 6.6% to 41.62 EUR/MWh.

 

Further along the curve, the German power contract for delivery in 2020 traded 1.3% lower at 49.06 EUR/MWh, while the equivalent French contract declined by 0.8% to 51.80 EUR/MWh.

 

European carbon prices slipped on Thursday tracking lower energy commodities. The price for the 2021-expiry contract edged 0.9% lower at 24.42 EUR/tonne.

Serbia begins building TurkStream pipeline section

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Serbia has started construction of its section of the TurkStream pipeline to carry Russian natural gas to Europe, the country's Foreign Minister Ivica Dacic said Wednesday.

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DEPA sells gas to Bulgaria at 16 pct less

18/04/2019 09:03:00

Public Gas Corporation (DEPA) of Greece has sold natural gas to Bulgaria at a price 10 percent below the Bulgarian regulated rate and 16 percent below the rate offered to its major clients in Greece, thereby subsidizing industry in the neighboring country.

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Serbia's Kovacica, Cibuk wind farms to supply power to 180,000 households

18/04/2019 08:52:00

Serbia's Kovacica and Cibuk wind farms will produce electricity for some 180,000 households, while reducing carbon dioxide emissions by over 600,000 tonnes per year, the European Bank for Reconstruction and Development said on Wednesday.

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