Daily (11.01.2021): Crude oil prices strengthened by 3% on Friday to hit 11-month highs

11/01/2021 13:24 Daily

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Crude oil prices were bullish on Friday, reaching 11-month highs, supported by signals of tightening global supply. Thanks in part to production cuts by OPEC+ members, Brent crude surged by 3% to $55.99 a barrel, while WTI oil closed 2.8% higher at $52.24 a barrel.

British gas extended gains towards two-year highs on Friday, on the back of colder weather and LNG supply concerns. As such, NBP gas for February delivery closed 4.5% higher at 60.69 p/therm. Contracts on the curve strengthened due to higher oil and carbon prices, with the front-year gas contract trading upwards by 0.6% at 44.02 p/therm.

 

Despite forecasts for colder weather, European power prices dropped on Friday amid higher renewables generation. As such, the German spot power decreased by 24.3% to 59.32 EUR/MWh and the French day-ahead power price closed 28.6% lower at 60.60 EUR/MWh.

 

Contracts on the curve edged higher, tracking bullish oil and carbon markets. The German Cal’22 power contract traded 0.6% higher at 51.16 EUR/MWh, while its French counterpart was 0.4% up at 52.24 EUR/MWh.

 

Carbon contracts gained ground on Friday, pushed by stronger energy prices. Meanwhile, investors await the resumption of auction supply. As a result, the CO2 EUA expiring in December 2021 gained 0.5% to settle at 34.92 EUR/tonne.

Daily (26.02.2021): Brent crude rally take a breather, while U.S. WTI crude ends at its highest since May 2019

26/02/2021 09:49:00

Crude oil prices diverged on Thursday, with Brent crude steadying after a period of optimism amid concerns over OPEC+’s willingness to continue output cuts grow. In contrast, U.S. WTI crude gained ground, spurred by optimism of quickly depleting global oil inventories. Hence, Brent crude lost 0.2% to settle at $66.88 a barrel. Meanwhile, U.S. WTI crude rose by 0.5% to 63.53 a barrel, marking its highest finish since May 2019.

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Portugal sees green hydrogen output by end-2022, $12 billion in investment lined up

26/02/2021 08:59:00

Portugal will start producing green hydrogen by the end of 2022 and already has private investment worth around 10 billion euros ($12 billion) lined up for eight projects that are expected to move forward, Environment Minister Joao Matos Fernandes said.

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Geothermal energy projects in the US receive $46m boost

26/02/2021 08:55:00

A total of 17 projects in the US are receiving up to a total of $46 million (£33m) in funding for domestic, carbon-free geothermal energy, with the potential to supply power to homes across the country.

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