Daily (08.12.2020): Oil prices strated the week on the back foot amid renewed COVID-19 fears

08/12/2020 09:28 Daily

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Crude oil prices closed lower on Monday, starting the week with a negative performance, as concerns about the surging number of coronavirus cases in many countries overshadowed positive impact from COVID-19 vaccine news and smaller than expected increase in output by the OPEC+ alliance. Heightened tensions between the United States and China put further pressure on WTI price.

 

Hence, Brent crude declined by 0.9% to settle at $48.79 a barrel. Meanwhile, WTI crude decreased by 1% to end at $45.46 a barrel.

 

British near-term gas prices fell on Monday as temperatures remain below seasonal average. Consequently, NBP spot shed by 3% to 41.25 p/therm.

 

Along the forward curve, the gas price for year-ahead delivery settled at 37.24 p/therm, posting a 0.5% daily loss as a result of lower oil and carbon prices.

 

Plummeting renewable energy supply in Germany combined with uncertainty over a strike at nuclear plants in France this Thursday spurred electricity spot contracts on Monday

 

The German day-ahead power price jumped by 31.7% to 61.08 EUR/MWh, while the French equivalent contract settled at 66.73 EUR/MWh, notching a 30.7% fall day-on-day.

 

Year-ahead power contracts lost little ground, tracking a bearish energy complex. Thus, the German Cal’21 power slipped by 0.2% to 43.39 EUR/MWh, while the similar contract in France ended at 46.90 EUR/MWh, easing by 0.3% on a daily basis.

 

EUAs expiring in 2021 dropped by 1.6% to 29.82 EUR/tonne on Monday as weekend Brexit trade deal failed to materialize.

Daily (02.03.2021): Oil prices fell sharply on Monday amid jitters that OPEC will raise output

02/03/2021 09:24:00

Crude oil futures extended losses on Monday amid supply concerns ahead of the OPEC+ key meeting on Thursday, rising output from Venezuela, and weak crude demand from China. Hence, Brent crude settled at $63.69 a barrel, dropping by $2.44, or 3.7%. Meanwhile, U.S. WTI crude fell by 0.86 cents or 1.4%, to end at $60.64 a barrel.

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Lithuania to start supplying LNG to Poland next year

02/03/2021 08:57:00

Lithuanian state-controlled energy company Ignitis Group will start supplying liquefied natural gas (LNG) to Poland next year when a new pipeline between the two countries comes online, its CEO said on Monday.

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ENA brings more flexibility to the grid with contract update

02/03/2021 08:53:00

The Energy Networks Association (ENA) has updated its standardised flexibility contract used across the energy sector to offer more transparency and increase accessibility.

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