Daily (08.08.2019): Oil prices plummeted by over 4.5% on Wednesday, due to a buildup in U.S crudes stockpiles and China-U.S. trade war

08/08/2019 11:21 Daily

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Oil prices decreased on Wednesday reaching a seven-month low, following a surprise accumulation in U.S. crude stockpiles. Moreover, worries that oil demand will shrink due to China – U.S. escalating trade war also put pressure on prices. Hence, Brent crude fell by 4.6% to $56.23 a barrel, while WTI futures traded 4.7% lower at $51.09 a barrel

Increased exports through the InterconnectorUK to Europe left the system undersupplied, bolstering British wholesale gas prices on Wednesday. Consequently, NBP spot soared by 9.8% to 26.90 p/therm. Meanwhile, lower oil prices limited gains on the curve. The contract for delivery in Mar 2020 advanced by 0.4% to 52.58 p/therm.

 

European spot power prices tumbled on Wednesday. The price for the German day-ahead power contract plunged by 15.1% to 34.72 EUR/MWh, on rising forecasts for wind power supply. Meanwhile, the equivalent French contract settled 8.5% lower at 33.39 EUR/MWh, on a tighter supply and smaller nuclear power availability.

 

Forward electricity prices were also bearish, tracking lower carbon prices. The price for the German power contract for delivery in 2020 edged 0.8% lower at 50.23 EUR/MWh, while the equivalent French contract settled 0.5% lower at 51.90 EUR/MWh.

 

EU carbon prices continued to decline on Wednesday, on weaker daily actvity but ahead of a month of reduced supply. As a result, the 2019-expiry contract closed 0.5% lower at 28.28 EUR/tonne.

 

Daily (20.08.2019): Brent crude surged by around 2% on Monday on worries about global oil supplies

20/08/2019 11:19:00

Crude oil prices rose on Monday after Yemen’s Houthi forces used a drone to attack an oilfield in eastern Saudi Arabia on Saturday, threatening global oil supplies. Brent crude added $1.1, or 1.9% to settle at $59.74 a barrel. WTI futures gained $1.34, or 2.4% to end at $56.21 a barrel.

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EBRD Finances Private-to-Private Solar Project in Jordan

20/08/2019 08:25:00

The European Bank for Reconstruction and Development together with its partners is supporting a pioneering energy project in Jordan with a financial package of up to $35 million. The project will enable the telecom operator Orange Jordan to cover part of its demand with clean energy generated in solar plants.

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Belene project attracts five expressions of interest

20/08/2019 08:21:00

Five companies have expressed interest in Bulgaria’s invitation for strategic investment in the construction of Belene nuclear power plant on the Danube River near the Romanian border. According to national newspaper 24 Chasa, China National Nuclear Corporation, Framatome, General Electric, Korea Hydro and Nuclear Power and Rosatom have all applied for the selection process.

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