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.

European geothermal sector joins call for carbon price on heating and cooling

17/09/2020 08:58:00

The European Geothermal Energy Council is advocating for a carbon price to be put on heating and cooling in the European Union. Only with a fair price for all forms of energy and the real cost attached will it be able to reach the ambitions carbon neutral goal by 2050.


Eni announces new gas discovery offshore Egypt

17/09/2020 08:48:00

According to preliminary estimates, Great Nooros Area discovery may contain in excess of 4 trillion cubic feet of gas


Daily (16.09.2020): Oil prices ended higher on Tuesday as Hurricane Sally disrupted Gulf of Mexico energy production

16/09/2020 10:57:00

Crude oil futures rebounded on Tuesday, buoyed by rising Chinese industrial production and Hurricane Sally which curbed the supply in the Gulf of Mexico. However, bearish forecasts for the energy demand released by the IEA helped to limit the upside for oil prices. Hence, Brent crude for November delivery soared by 92 cents, or 2.3%, to settle at $40.53 a barrel. Meanwhile, U.S. WTI crude for October delivery climbed by $1.02, or 2.7%, to settle at $38.28 a barrel. Both contracts fell on Monday.