Daily (13.06.2019): WTI futures lost 4% on Wednesday, due to rising crude inventories and weaker demand outlook

13/06/2019 10:53 Daily


Crude oil prices tumbled on Wednesday, amid higher U.S. crude inventories and poorer demand outlook. US-China trade negotiation also weighed on prices. As a result, Brent crude plunged by 3.7% to $59.97 a barrel, while WTI futures lost 4% to settle at $51.14 a barrel.


British gas prices varied on Wednesday. NBP day-ahead inched up by 1% to 29.58 p/therm, due to maintenance work at one of the Norwegian gas fields. Meanwhile, forward prices posted losses, amidst ample supply and lower oil prices. The contract for Summer 20 delivery closed 0.1% down at 44.20 p/therm.


European prompt power prices lost ground on Wednesday weighed by an increase in output supply and falling demand. The price for the German day-ahead power contract decreased by 12.5% to 38.51 EUR/MWh, while the equivalent French contract settled 17.8% lower at 36.68 EUR/MWh.


Forward electricity prices also declined, tracking weaker fuels and carbon prices. The price for the German power contract for delivery in 2020 fell by 1.4% to 47.21 EUR/MWh, while the equivalent French contract traded 1.6% lower at 50.18 EUR/MWh.


EU carbon prices lost momentum on Wednesday, due to a slightly bearish energy market and uncertainty around Brexit. The price for the contract expiring in 2019 dropped by 0.6% to 24.82 EUR/tonne.

ScottishPower wins consent for battery storage at 539-MW wind farm

11/06/2019 10:48:00

The Scottish government has given the thumbs-up to the construction of a 50-MW battery storage facility at the site of ScottishPower Renewables’ 539-MW Whitelee wind farm.


Serbia, Russia to launch joint LNG projects

11/06/2019 10:45:00

The Ministry of Mining and Energy of Serbia and Russian state gas company Gazprom have signed an agreement on the construction of natural gas (LNG) stations in Serbia.


Total produces first gas from Culzean field in North Sea

11/06/2019 10:35:00

French oil major Total has started up production from the Culzean gas condensate field located on Block 22/25a, 230 kilometers off the coast of Aberdeen, in the UK.