Daily (11.10.2018): WTI crude dropped by 2.4% on Wednesday as forecasts for lower economic growth curbed the demand for oil

11/10/2018 11:01 Daily

news

Oil crude prices slipped on Wednesday as the International Monetary Fund (IMF) mitigated its global growth projections in its latest World Economic Outlook report, reducing the demand for oil. However, the losses were capped as Hurricane Michael led to the shutdown of roughly 40% of Gulf of Mexico’s crude oil production. 

 

Brent crude closed at $83.09 a barrel, representing a 2.3% loss. WTI crude tumbled by 2.4% to settle at $73.17 a barrel.

British wholesale gas prices were slightly bearish on Wednesday, as higher temperatures and stronger wind generation curbed demand for natural gas for heating. Consequently, NBP spot price dipped by 2.5% to 65.70 p/therm. Further along the curve, the price for 2019 delivery contract traded 2.7% lower at 65.61 p/therm. 

 

European spot power prices lost ground on Wednesday.  German day-ahead power price slumped by 12.6% to end at 54.35 EUR/MWh, on expectations for lower consumption. Meanwhile, the equivalent contract in France lost 4% to end at 65.31 EUR/MWh, in spite of outages at  EDF’s 1,500 MW Chooz 1 nuclear reactor starting Thursday and lasting until October 22nd.

 

There was also a bearish trend in electricity prices on the curve, tracking the downward evolution in carbon emissions, gas and coal markets. The German baseload 2019-delivery contract traded 3.6 % lower at 53.27 EUR/MWh. Meanwhile, the French equivalent contract settled at 57.61 EUR/MWh, posting a 3.4 % loss.

 

European carbon contracts dropped further on Wednesday in another volatile session, closing below €20 for the first time this month, thus hitting a three-week low. The price for the contract expiring in 2019 plummeted by 7% to reach 20.20 euros a tonne.

Maersk Drilling to provide rigs for Seapulse’s 12-well drilling program

05/12/2018 09:38:00

Danish offshore driller Maersk Drilling and Seapulse have signed a master alliance agreement under which Maersk Drilling will provide fully integrated services for a global offshore oil & gas exploration drilling program of 12 wells.

<READ MORE

Norway's Equinor to start talks with Tanzania over LNG project

05/12/2018 09:33:00

Norway’s Equinor is ready to start talks with Tanzania on developing a liquefied natural gas (LNG) project based on a deepwater offshore discovery, the company said on Tuesday.

READ MORE

Daily (04.12.2018): Brent crude hiked by 5.1% on Monday, as US-China trade war tensions eased

04/12/2018 11:58:00

Oil prices jumped on Monday, after Qatar decided to quit the OPEC club in January 2019. Furthermore, US-China trade tensions eased as no additional tariffs will be imposed during a period of 90-days. Expectations for OPEC supply reduction also stimulated prices. Brent crude price increased by 5.1% to $61.69 a barrel. Meanwhile, WTI crude gained 4% to $52.95 a barrel.

READ MORE