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

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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.

Daily (18.10.2018): WTI crude dropped by 3% on Wednesday due to a jump in US stockpiles

18/10/2018 11:18:00

Oil crude prices fell on Wednesday as the U.S. Energy Department's Energy Information Administration revealed a higher-than-expected build in U.S. crude inventories, offsetting concerns about diplomatic relations with Saudi Arabia. Therefore, Brent crude price traded 1.7% lower to settle at $80.05 a barrel. WTI crude price plunged 3% down to settle at $69.75 a barrel.

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North Sea leading global offshore wind power generation

18/10/2018 09:27:00

The North Sea now accounts for 90% of all global offshore wind power generation, but will soon face a challenge from China, it has emerged.

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Shell to sell upstream business in Denmark for $1.9bn

18/10/2018 09:21:00

Royal Dutch Shell, through its affiliate Shell Overseas Holdings, has reached an agreement with Norwegian Energy Company ASA (Noreco) to sell its shares in Shell Olie-og Gasudvinding Danmark B.V. (SOGU) for $1.9 billion.

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