Daily (14.02.2020): Brent up 1% on Thursday on prospects for deeper supply cuts

14/02/2020 11:27 Daily

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Crude oil futures edged higher for the third day in a row on Thursday, as the likelihood of deeper OPEC+ supply reductions offset forecasts for a declining demand due to the coronavirus spread.  

Brent crude for April delivery rose by 55 cents, or 1%, to settle at $56.34 a barrel on ICE London. U.S. WTI crude firmed by 25 cents, or 0.5%, to end at $51.42 a barrel on NYMEX.

 

British gas prices evolved differently on Thursday, with the NBP day-ahead price in a bearish mood, due stronger flows and high stock levels. NBP spot shed 5.3 % at 20.55 p/therm. On the curve, prices had an upward trend, tracking gains in oil and coal prices. The April 2020 gas price surged by 0.9% to 20.88 p/therm.

 

European spot electricity prices diverged on Thursday, with the German day-ahead contract down 4.2% at 36.03 EUR/MWh due to milder temperatures. The French equivalent contract gained 1.2% at 30.81 EUR/MWh due to an expected decline in wind power generation.


Year-ahead contracts gained ground, tracking a bullish energy complex. German Cal’21 rose by 0.9% to 42.56 EUR/MWh, while the similar contract in France added 0.4% at 43.81 EUR.


Carbon prices exceeded the €24 -mark on Thursday, tracking another strong auction and gains in oil prices. EUAs expiring in 2021 increased by 2.2% to 24.59 EUR/tonne.

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31/03/2020 10:51:00

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Vestas wins 109MW French fancy

31/03/2020 09:28:00

Vestas has secured a turbine order totalling 109MW from an undisclosed customer in France for an unnamed wind farm.

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Poland State Gas Distributor Says It Wins $1.5 Billion From Russia's Gazprom In Price Dispute

31/03/2020 09:23:00

Poland’s largest distributor of natural gas has announced it won a years-long energy-supply price dispute with Russia’s state-run Gazprom worth $1.5 billion at an international arbitration court in Sweden.

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