Daily (09.08.2019): Oil prices rebounded by nearly 3% on Thursday, due to a firmer yuan and hopes for additional OPEC output cuts

09/08/2019 11:15 Daily

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Oil prices strengthened on Thursday, rebounding from an earlier low, after Saudi Arabia showed readiness to discuss with other producers about the recent slump in crude prices. The prospect of additional output cuts from OPEC, coupled with a steadying yuan, supported prices. As a result, Brent crude rose by 2.1% to $57.38 a barrel. At the same time, WTI futures spiked by 2.8% to $52.54 a barrel, boosted by a fall in inventories at Cushing, Oklahoma, in the week to August 6.

British wholesale gas prices continued to climb on Thursday, in the context of ongoing maintenance works at the Forties oil and gas system offshore Britain and at the Norwegian Troll field. Moreover, the market also anticipated thinner supply ahead of another outage scheduled at the Troll Field later this month. Consequently, NBP spot surged by 3.7% to 27.90 p/therm, while the contract for delivery in Q4 2019 traded 2% higher at 46.19 p/therm.

 

European prompt power prices were mixed on Thursday. The price for the German spot power contract soared by 11.4% to 38.69 EUR/MWh, due to an expected decline in wind generation. On the other side, increased nuclear availability sent the equivalent French contract 13.1% down at 29.02 EUR/MWh.

 

Forward electricity prices turned bullish, in response to firmer fuel contracts and robust carbon prices. The German power contract for delivery in 2020 edged up by 0.4% at 50.45 EUR/MWh, while the price for the equivalent French contract was 1% higher at 52.44 EUR/MWh.

 

EU carbon prices reversed trend to rise on Thursday, supported by a stronger energy complex and amid expectations for a course in the trading activity. As a result, the 2020-expiry contract ended at 28.82 EUR/MWh, gaining 0.9% for the day.

Daily (16.08.2019): EU carbon prices at a new 5-week low on Thursday, due to speculative selling, Brexit fears and a weak macroeconomic context

16/08/2019 11:26:00

Intensifying recession fears spurred by downbeat economic data in Europe and China dragged the crude oil prices lower on Thursday. China’s warning about potential countermeasures in response to the latest U.S. tariff on Chinese goods also weighed on the market. Moreover, the rise in the U.S. crude inventories, extended unexpectedly into the second week, added pressure on crude prices. Under such circumstances, Brent crude dropped by 2.1% to $58.23 a barrel, while WTI futures lost 1.4% to trade at $54.47 a barrel.

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Germany's E.on plans 440-MW wind park in Texas

16/08/2019 08:41:00

A week after opening a 201-MW wind park in Texas, German utility E.on SE announced it will build an even larger one in the Lone Star State.

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Equinor Starts Up Major $7.7B Oil Field In UK North Sea

16/08/2019 08:37:00

Norwegian energy giant Equinor announced on Thursday first oil from the Mariner oil field in the UK North Sea whose start-up has been delayed twice over the last year due to technical issues.

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