Daily (12.07.2018): Brent crude plummeted by almost 7% on Wednesday, on news that Libya would increase output

12/07/2018 13:00 Daily

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Oil prices slumped on Wednesday, on concerns of increasing trade tensions between two world’s major economies - United States and China. Brent crude tumbled by 6.9% to $73.40 a barrel, following the news that four ports in Libya would ease back in the game. Meanwhile, WTI crude traded 5% lower at $70.38 a barrel.

On Wednesday, strong Norwegian and domestic flows filled the gas market, with low heating demand leading to a decline in UK gas prices. NBP spot price fell by 1.4% to settle at 58.30 p/therm. August 2018 delivery contract traded 0.9% lower at 58.38 p/therm.

 

European power prices were mixed again on Wednesday, due to keen bullish trend in carbon on one side and slipping oil prices on the other. German spot power price soared by 1.5%, while the equivalent French contract surged by 1.4%. Both contracts settled at 53.31 EUR/MWh, as expected decline in wind power generation could not satisfy the demand. 

 

Along the forward curve, electricity prices had the opposite tendency. The German Cal’ 19 contract edged 0.2% lower at 45.71 EUR/MWh. The French equivalent contract for 2019 delivery was almost unaffected at 50.44 EUR/MWh.

 

EU carbon prices reached a fresh five-week peak on Wednesday, after positive UK auction. The carbon contract expiring in 2021 was 1.6% higher at 16.92 euros a tonne.

Daily (19.09.2018): Oil prices gained almost 1.5% on Tuesday, due to concerns over global supply

19/09/2018 13:31:00

Oil crude prices surged on Tuesday, prior to OPEC’s meeting on the possibility to raise production, as Iranian output might decline once U.S. sanctions will take effect from November. However, gains were capped by continuous trade disputes between U.S. and China. Brent crude added 1.3% to close at $79.03 a barrel. WTI crude increased by 1.4% to $69.85 a barrel.

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BW Offshore begins oil production from Tortue field offshore Gabon

19/09/2018 09:01:00

BW Offshore and Panoro Energy have reported first oil production from the Tortue field in the Dussafu license offshore Gabon, using the BW Adolo floating production storage and offloading (FPSO) vessel.

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Orsted offloads 50% of Hornsea 1

19/09/2018 08:54:00

Orsted has sold a 50% stake in its in-construction 1218MW Hornsea 1 offshore wind farm off east England to Global Infrastructure Partners.

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