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


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 (04.12.2019): Carbon price plummets to a two-week low on Tuesday amid a weak energy complex

04/12/2019 10:47:00

Crude oil prices ended on a mixed note on Tuesday, with Brent hitting its lowest level since Oct.21, while WTI prices increased for a second consecutive session. Brent decreased by 10 cents, or 0.2% to end at $60.82 a barrel, following comments from the U.S. President Trump that a trade deal with China might be delayed, feeding uncertainty over demand. WTI rose by 14 cents, or 0.3%, to close at $56.10 a barrel, extending the 1.4% gain registered on Monday.


Albania, Kosovo agree to set up common energy market

04/12/2019 09:05:00

Kosovo’s power transmission system operator KOSTT said it has signed an agreement with its Albanian peer OST to set up a common energy market of the two neighboring countries.


Edison to build 760MW gas-fired thermoelectric power plant in Italy

04/12/2019 09:00:00

Italy’s Edison is planning to build 760MW natural gas-powered thermoelectric power plant in Presenzano in the province of Caserta, with an investment of €370m ($408m).