Daily (10.07.2020): U.S. WTI crude slipped below $40 on Thursday amid coronavirus concerns, swelling U.S. crude stockpiles

10/07/2020 08:45 Daily


Crude oil futures fell on Thursday, with U.S. WTI crude slipping back below $40 a barrel as rising cases of coronavirus in the U.S. and some other countries, as well as higher U.S. stockpiles threatened to deteriorate the demand for crude. Hence, Brent crude for September delivery dropped by 94 cents, or 2.2%, to settle at $42.35 a barrel on the ICE Futures Europe. At the same time, U.S. WTI crude for August delivery decreased by $1.28, or 3.1%, to settle at $39.62 a barrel on the New York Mercantile Exchange. Both WTI and Brent on Wednesday hit their highest settlements since March 6.

Lower carbon prices, which made coal-fired generation more attractive and healthy supply put pressure on British near-term gas prices on Thursday. Consequently, NBP spot dived by 8.9% to 13.75 p/therm. On the curve, the gas price for year-ahead delivery slipped by 0.8% to 35.67 p/therm, tracking weaker oil prices.

German and French spot electricity prices plunged on Thursday, buoyed by forecasts of a considerable increase in wind power supply. As a result, the German day-ahead power fell sharply by 13.7% to 36.62 EUR/MWh, while the French equivalent contract plummeted by 8.5% to 38.02 EUR/MWh.

Year-ahead power prices posted minor losses, tracking lower fuels and carbon prices. Thus, the German Cal’21 power steadied at 42.94 EUR/MWh, while the similar power contract in France lost 0.3% at 47.59 EUR/MWh.

EUAs expiring in 2021 edged 2.4% lower at 28.92 EUR/tonne amid lawmakers talks to limit speculative trading.

Daily (31.07.2020): WTI crude slipped below $40 a barrel on Thursday amid bearish economic data, political uncertainty in the U.S.

31/07/2020 10:44:00

Crude oil futures posted a steep decline on Thursday, with WTI crude slipping below $40 a barrel for the first time in three weeks, pressured by worries about resurgence in coronavirus cases and bearish U.S. economic data. Suggestions made by U.S. President Donald Trump that nation's November presidential election may be delayed added further pressure on oil prices. Hence, Brent crude decreased by 81 cents, or 1.9%, to settle at $42.94 a barrel. At the same time, U.S. WTI crude futures fell by $1.35, or 3.3%, to end at $39.92 a barrel.


Gazprom Neft joins the international LNG-bunkering community

31/07/2020 09:40:00

Gazprom Neft has become the 1st oil company in Russia to join the Society for Gas as a Marine Fuel (SGMF), through its Gazpromneft Marine Bunker subsidiary Gazpromneft Shipping, operator of the Gazpromneft Marine Bunker fleet.


German wind, solar tenders award 384 MW in July

31/07/2020 09:26:00

Projects with a combined capacity of 384 MW secured surcharges in Germany’s tenders for wind and solar power this month, the Federal Network Agency, also known as the Bundesnetzagetur (BNetzA) has announced.