Daily (13.01.2020): Oil prices escalated at highest levels since February on Tuesday amid Saudi cuts

13/01/2021 09:34 Daily

news

Crude oil futures advanced on Tuesday, with prices approaching pre-coronavirus levels, continuing to be supported by last week’s surprised decision by Saudi Arabia to cut production by about 1m bbl/day in February and March.

 

Hence, Brent crude rose by 92 cents, or 1.7%, to settle at $56.58 a barrel. At the same time, U.S. WTI crude gained 96 cents, or 1.8%, to end at $53.21. Both contracts finished at their highest level since February 21.

 

British near-term gas prices escalated on Tuesday on the back of persistend cold weather and weaker LNG supply as a result of higher Asian Asian spot LNG prices. As a result, NBP spot rallied by 17.5% to 79.00 p/therm.

 

Along the forward curve, the gas price for year-ahead delivery increased by 1.4% to 45.26 p/therm, tracking bullish oil and carbon markets.

 

European spot electricity prices diverged on Tuesday, with the German day-ahead power tumbling by 7.9% to 42.47 EUR/MWh amid stronger renewable generation. Meanwhile, the French equivalent power contract rocketed by 16.2% to 73.85 EUR/MWh amid cold weather.

 

Year-ahead power prices gained ground, buoyed by a strong energy complex. Consequently, the German Cal’22 power increased by 2.3% to 51.77 EUR/MWh, while the similar contract in France ended at 53.05 EUR/MWh, posting a 2.1% gain day-on-day.

 

A looming blast of colder weather across Europe and scarce supply drove the European carbon prices on Tuesday. EUAs expiring in 2021 rose modestly by 0.4% to 34.66 EUR/tonne.

Norway's NBT, Belgium's WV to build wind farms with 800 MW total capacity in Serbia

20/01/2021 08:52:00

Norwegian utility-scale wind power developer NBT entered a partnership with Belgium-based WV International, former Windvision, to develop wind projects with a combined capacity of 800 MW in Serbia by 2026, the two companies said on Tuesday.

<READ MORE

Daily (20.01.2021): Energy prices rebounded on Tuesday amid bullish sentiment on the market

20/01/2021 08:50:00

Oil prices gained momentum on Tuesday in line with a weakening dollar, boosted by the prospect of further economic support in the United States. Hence, Brent crude for March delivery rose by $1.15, or 2.1%, to settle at $55.90 a barrel. Meanwhile, U.S. WTI crude settled 62 cents, or 1.18%, higher at $52.98 per barrel.

READ MORE

UK's 10-point plan 'lays path' to 78% cut in emissions by 2035

20/01/2021 08:49:00

The UK's 10-point climate change plan has the policies to bridge the gap between the aspirations in the Committee on Climate Change's sixth carbon budget "and where we are now," Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng said Jan. 19.

READ MORE