Daily (12.12.2019): Brent crude down 1% on Wednesday following an unexpected increase in crude inventories

12/12/2019 11:48 Daily


Oil futures ended lower on Wednesday after U.S. government data indicated a surprise increase in domestic supply in crude oil, as well as important gains in gasoline and distillate inventories. Brent crude for February delivery slipped by 62 cents, or around 1% to settle at $63.72 a barrel. WTI crude for January delivery declined 48 cents, or 0.8%, to close at $58.76 a barrel.

British prompt gas prices settled lower at 31.60 p/therm on Wednesday amid an oversupplied system. A supply glut is expected over the next few weeks, with 19 liquefied natural gas (LNG) tankers projected to arrive in Britain before end of the year. Forward contracts also lost ground, with the gas price for Summer 2020 delivery down by 2% at 32.93 p/therm, while the gas price for year-ahead delivery tumbled by 2.3% at 35.89 p/therm.

European spot power prices diverged on Wednesday, with German contract recording strong gains as wind power generation is expected to drop. German power for Thursday delivery jumped by 17% to 44.62 EUR/MWh, while the French equivalent contract plunged by 3% to 45.17 EUR/MWh due to high nuclear availability.

Along the forward curve prices declined, with German contract for 2020 delivery down 0.1% at 43.21 EUR/MWh, while the French contract down 0.5% at 46.17 EUR/MWh.

Carbon prices slipped on Wednesday following an aggressive trade and due to DEC-19 options expiry. EUAs expiring in 2020 fell 1.8% to 24.65 EUR/tonne.

Daily (23.01.2020): Brent fell over 2% on Wednesday on supply glut concerns, coronavirus spread in China

23/01/2020 11:10:00

Crude oil prices fell more than 2% on Wednesday following a supply glut forecast released by IEA. Moreover, the spread of China’s coronavirus increased concerns about demand. Brent crude for March delivery dipped $1.38, or 2.1%, to settle at $63.21 a barrel on ICE London. WTI for February shed $1.64, or 2.8%, to end at $56.74 on NYMEX.


UK awards £50m for clean energy projects in Africa

23/01/2020 10:49:00

The UK Government has announced an investment of more than £50 million to support clean energy projects across countries in Africa.


'Power of Siberia' Pipeline Begins Flow to China

23/01/2020 10:37:00

China has started to consume Russian gas via the newly launched "Power of Siberia" pipeline, said CNPC-backed Kunlun Energy Ltd, operator of the pipeline in China, on Wednesday.