Daily (10.01.2019): WTI crude jumped by over 5% on U.S.-China trade negotiations optimism

10/01/2019 11:53 Daily

news

Oil prices soared on Wednesday on optimism that the U.S.-China trade talks extended into the extra third day could ease tensions. The ongoing crude output cuts by OPEC, aimed at reducing an emerging glut, also supported prices. Brent crude rose sharply by 4.7% to $61.44 a barrel, while WTI futures surged by 5.2% to $52.36 a barrel.

British gas prices dropped on Wednesday due to an oversupplied system as flows from Norway and Belgium increased. The expected LNG deliveries and storage withdrawals added to the bearish sentiment. NBP spot sank by 1.9% to 58.10 p/therm, while the NBP contract for summer 2019 delivery traded 2% lower at 52.40 p/therm.

 

European spot electricity prices spiked on Wednesday. The continuous decline in wind output and the falling temperatures lifted the demand for power in Germany. The benchmark German electricity contract traded 69.2% higher at 67.67 EUR/MWh. The equivalent French power price jumped by around 20% to 69.23 EUR/MWh, due to lower temperatures and stronger demand.

 

Along the forward curve, European electricity prices edged slightly lower in response to weaker carbon markets. German electricity contract for delivery in 2020 closed 1.2% lower at 47.97 EUR/MWh. The equivalent French contract fell 1% to 51.13 EUR/MWh.

 

European carbon restarted the downtrend on Wednesday, despite supply shortage. The 2020-expiry contract price dipped by 3.5% at 22.51 euros a tonne.

Daily (20.03.2019): EU carbon prices fell by more than 3% on Tuesday, due to a bearish energy complex and continued Brexit uncertainty

20/03/2019 10:12:00

Crude prices diverged slightly on Tuesday. On one side, prices were supported by OPEC-led supply cuts OPEC. On the other side, rising U.S. output put pressure on the market. Brent crude edged 0.1% higher at $67.61 a barrel, while WTI crude traded 0.1% lower at $59.03 a barrel.

<READ MORE

UK offshore oil and gas production up by a fifth over past five years

20/03/2019 10:02:00

UK offshore oil and gas production has increased by a fifth over the past five years, following 14 years of decline.

READ MORE

Ofgem backs 600MW Shetland grid link

20/03/2019 09:57:00

UK energy regulator Ofgem said is it minded to approve construction of a 600MW subsea interconnector from Shetland to mainland Scotland to support renewables expansion.

READ MORE