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.

Daily (17.01.2019): Carbon prices jumped by over 3% on Wednesday following an oversized Polish auction

17/01/2019 11:05:00

Oil prices edged higher on Wednesday, due to OPEC supply cuts and China’s fiscal stimulus signals. However, gains were capped by increasing U.S. fuel inventories and higher crude oil production. As a result, Brent crude inched up by 1.1% to 61.32 USD/bbl, while WTI futures edged 0.4% higher closing at 52.31 USD/bbl.

<READ MORE

OMV in plans for $6bn initial spend to develop Norway oil discovery

17/01/2019 09:21:00

Austria's OMV and partners plan to invest up to $6 billion initially to develop the Arctic Wisting oil find, Norway's northernmost oil discovery, which could start production within a decade, a senior executive said on Wednesday.

READ MORE

Spain's Diverxia gets govt nod to develop 240-MW solar park in Colombia

17/01/2019 09:17:00

Spanish developer Diverxia Infrastructure has secured a connection approval from Colombia's Energy Mining Planning Unit (UPME) for a 240-MW photovoltaic (PV) project.

READ MORE