Daily (13.07.2020): Crude oil prices jumped by over 2% on Friday, after IEA raised its oil demand forecasts

13/07/2020 11:17 Daily

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Oil prices increased on Friday, after International Energy Agency (IEA) revised up its oil demand forecasts. Data showing a reduction in oil and natural gas rigs operating in US also supported the bullish trend. Hence, Brent oil jumped by 2.5% to $43.24 a barrel. WTI crude climbed by 2.4% to $40.55 a barrel.

British gas prices were bearish on Friday as strong wind output put pressure on gas-for-power demand, leaving the system oversupplied. The day-ahead gas price plunged by 8% to 12.65 p/therm. Further along the curve, the Winter 2020 delivery contract ended 1.6% lower at 34.03 p/therm.

 

European spot power prices lost momentum on Friday, driven down by weaker demand forecasts. The price for the German day-ahead power contract plunged by 21.9% to 28.60 EUR/MWh, while the equivalent French contract settled 22.7% lower at 29.38 EUR/MWh.

 

Meanwhile, forward electricity prices lost ground due to weaker gas prices. The price for the German power contract for delivery in 2020 traded 2.2% lower at 42.01 EUR/MWh, while the equivalent French contract settled 1.4% down at 46.94 EUR/MWh.

 

EU carbon prices continued the upward evolution on Friday as buyers continue to increase volumes amid thin selling. The contract expiring in 2021 rose by 1.5% to 29.34 EUR/tonne.

Power sharing plan could see UK and Netherlands 'go Dutch' with North Sea offshore wind

23/09/2020 08:08:00

Interconnecting infrastructure to be examined as nations seek to maximise green energy use

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Daily (22.09.2020): Crude oil started the new week on a bearish mood amid virus resurgence in Europe and expectations for return of Libyan crude production

22/09/2020 09:44:00

Expectations that Libyan crude will soon return to the market coupled with worries over a rise in European COVID-19 cases and a global equity market selloff dampened the sentiment on the oil markets on Monday. Hence, Brent crude for November delivery shed by $1.71, or 4% to settle at $41.44 a barrel. Meanwhile, U.S. WTI crude fell by $1.80, or 4.4%, to end at $39.31 a barrel.

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Iberdrola to create new business unit to develop green hydrogen

22/09/2020 09:12:00

Spanish utility Iberdrola said on Monday (21 September) it would create a new business unit aimed at developing green hydrogen to supply industry and heavy transport.

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