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.

Britain commits to goal of net zero carbon emissions by 2050

17/06/2019 11:01:00

British Prime Minister Theresa May set a goal for the nation to reach net zero carbon emissions within about 30 years - the 1st major economy in the world to set that kind of goal.

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Daily (17.06.2019): German spot power price dropped by more than 26% on Friday due to lower than expected demand

17/06/2019 10:47:00

Oil prices rose on Friday, after attacks on two oil tankers in the Gulf of Oman increased supply concerns. Prices were tempered by worries that trade disputes will lead to higher global oil demand. Brent oil rose $0.7, or 1.1% to $62.01 a barrel. WTI crude surged by $0.23, or 0.4% to $52.51 a barrel.

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EC approves EUR-5.4bn state aid for Italy’s renewables

17/06/2019 10:33:00

The European Commission (EC) approved on Friday EUR 5.4 billion (USD 6.1bn) in state aid to support power generation from renewables in Italy.

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