Daily (14.01.2021): British front-month gas price slumps by 16% after reaching two-year high

14/01/2021 10:28 Daily

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Crude oil prices retreated on Wednesday, feeling the effects of the coronavirus pandemic on global demand. Consequently, Brent oil decreased by 0.9% to close at $56.06 a barrel, while WTI crude edged 0.6% lower at $52.91 a barrel.

British near-term gas prices were bearish yesterday, after reaching two-year highs, weighed by forecasts for milder weather. Despite LNG price and supply concerns, NBP gas for February delivery tumbled by 15.9% to 65.16 p/therm. The front-year gas contract traded 4.3% lower at 43.30 p/therm, mainly due to weaker oil and carbon prices.

 

On Wednesday, a severe drop in wind generation helped push the German spot power price upwards by 66.2% to 70.58 EUR/MWh. By contrast, the French spot power price closed almost unchanged, only 0.7% lower at 73.33 EUR/MWh.

 

Electricity contracts on the curve decreased yesterday, following a drop in carbon prices. Germany’s benchmark front-year power contract fell by 2.4%, from a 17-month high, to 50.54 EUR/MWh. The French Cal’22 power contract traded 2.2% lower at 51.90 EUR/MWh.

 

European carbon prices ended lower on Wednesday, weighed by weaker energy prices and data showing a technical reversal in carbon. As such, the CO2 EUA expiring in December 2021 lost 2.9% to close at 33.65 EUR/tonne.

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18/01/2021 09:09:00

A new report predicts half of global power generation will come from renewables by 2035

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Costa Cruises’ 2nd LNG-powered cruise ship floated out in Finland

18/01/2021 08:57:00

Costa Toscana, an LNG powered, 185,000 GT cruise ship being built for Carnival’s Italian brand Costa Cruises, was floated out to the outfitting pier at Finland’s Meyer Turku shipyard on 15 January 2021.

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Daily (15.01.2020): U.S. WTI crude ended at its highest level in 11 months on Thursday amid stimulus optimism

15/01/2021 09:11:00

Crude oil futures gained ground on Thursday, with U.S. WTI crude hitting its highest level since February of last year, buoyed by the continuing COVID-19 vaccine rollout and hopes that a new U.S. coronavirus relief plan could boost oil demand. Hence, Brent crude rose by 36 cents, or 0.6%, to settle at $56.42 a barrel on ICE Futures Europe. U.S. oil benchmark increased by 66 cents, or 1.3%, to close at $53.57 a barrel on the New York Mercantile Exchange.

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