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.

Daily (18.02.2019): WTI crude soared on Friday by 2.2% buoyed by U.S. sanctions on Venezuela and Iran

18/02/2019 11:27:00

Oil prices soared on Friday, buoyed by U.S. sanctions against Venezuela and Iran. At the same time, OPEC-led supply cuts also supported prices. Brent crude settled 2.6% higher at 66.25 USD/bbl, or the highest value this year. At the same time, WTI crude climbed by 2.2% to 55.59 USD/bbl.

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China starts to build world's first space-based solar power plant

18/02/2019 11:16:00

With scientists revealing plans to build the first solar power station in space, China is taking its renewable energy push to new heights, said the Sydney Morning Herald.According to China's Science and Technology Daily, construction of the first experimental space power plant began in Chongqing, southwest China, weeks ago. Li Ming, senior vice president of the China Academy of Space Technology, said China is expected to become the first country to build such a plant with practical value.

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Italian Eni increases oil & gas production in Kazakhstan

18/02/2019 11:06:00

Italian Eni increased its oil and natural gas production in Kazakhstan by 8.3 % in 2018 compared to 2017, Trendreports with reference to the company’s data.

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