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 (16.10.2019): The EUAs spiked by around 6.4% on Tuesday after an optimistic breakthrough in Brexit process

16/10/2019 11:14:00

Crude oil prices extended their fall on Tuesday, as the uncertain outlook for the Sino-American trade negotiations, coupled with indicators of an economic slowdown in China fueled worries over global crude demand. The high level of U.S. crude stocks added pressure on prices. Consequently, WTI futures lost 1.5% to close at $52.81 a barrel, while Brent crude traded 1% down at $58.74 a barrel. However, hopes for a timely Brexit deal and signals of possible oil supply cuts from OPEC reduced losses.

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‘UK needs 120GW of new low carbon capacity to go net zero by 2050’

16/10/2019 10:50:00

The UK’s legally-binding target to reach net zero emissions by 2050 will require more than 120GW of new low carbon capacity.

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PGNiG makes oil and gas discovery at Skarv field in Norwegian Sea

16/10/2019 10:46:00

PGNiG Upstream holds 40% share in the PL838 license, which is located in the Norwegian Sea and is directly adjacent to the Skarv and Ærfugl licenses

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