Daily (11.04.2019): The EU carbon prices hit a new 11-year high on Wednesday on Brexit delay optimism

11/04/2019 10:19 Daily

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Crude oil prices increased on Wednesday, after EIA report showed that U.S. gasoline stocks plunged more than expected last week, offsetting the surging crude inventories. OPEC’s oil production at four-year low in March coupled with U.S. sanctions on Iran and Venezuela lent more support to prices. Brent crude price rose by 1.6% to $71.73 a barrel, while WTI futures traded 1% up at $64.61 a barrel.

British wholesale gas prices reversed the strong earlier gains on Wednesday, ahead of five LNG cargoes to arrive in Britain by April 20. The NBP spot price slumped by 4.3% to 40.40 p/therm. In the meantime, the contract price for delivery in August 2019 tumbled by 4.6% to 41.58 p/therm. 

 

The European day-ahead electricity prices continued to climb on Wednesday, due to cold weather forecasts and consequently firmer demand. The German spot power price surged by 4.5% to 44.74 EUR/MWh, supported by a drop in wind generation. Meanwhile, the equivalent French contract traded at the same price as the German one, posting a 1.5% hike, amid lower nuclear availability and reduced hydropower supply due to a 24-hour strike.

 

Along the forward curve, power prices added ground on Wednesday, bolstered by hiking carbon prices. The German power contract for delivery in 2020 ended 3.9% higher at 51.34 EUR/MWh. The equivalent French contract price jumped by 3.7% to close at 54.44 EUR/MWh.

 

The European carbon prices extended gains on Wednesday, reaching a fresh 11-year high, on signs of a looming Brexit delay. The price for the 2020-expiry contract spiked by 2.3% to 26.43 EUR/tonne.

Daily (01.06.2020): WTI crude hovered above $35 a barrel on Friday, gaining 6.7% for the week

01/06/2020 11:00:00

Crude oil futures gained ground in the last trading day of the month after the release of the EIA’s report showing a further drop in oil well drilling in the United States. Hence, Brent crude for July delivery rose slightly to $35.33 a barrel, while, the more active August contract settled at $37.84, edging $1.81 higher, or roughly 5%. WTI crude for July delivery settled at $35.49 a barrel, surging $2.24, or 5.3%.

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Iberdrola subsidiary secures 62 Siemens Gamesa wind turbines for offshore project in France

01/06/2020 10:33:00

The wind turbines will be installed at Ailes Marines’s facility in France, generating 750 jobs in the process.

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Italy's Enel to close one Brindisi coal unit in 2021

01/06/2020 10:30:00

Italian utility Enel will shut down one of the four units of its 2.4GW Brindisi south coal-fired plant starting from next year.

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