Daily (14.06.2019): Oil prices hiked by 2.2% on Thursday, due to conflict in the Gulf of Oman

14/06/2019 09:34 Daily

news

Crude oil prices rose on Thursday, after two oil tankers were attacked in the Gulf of Oman stoking fears of a new conflict between Iran and the United States, the latter blaming Tehran for the incident. As a result, Brent crude increased by 2.2% to $61.31 a barrel, while WTI futures closed 2.2% higher at $52.28 a barrel.

British gas prices added momentum on Thursday, due to an undersupply in the system and a rise in oil market prices due to conflict in the Gulf of Oman. NBP day-ahead price rose by 3.6% to 30.65 p/therm, while the contract for Q1 20 delivery traded 0.3% up at 55.82 p/therm.

 

European prompt power prices added ground on Thursday supported by forecasts showing a drop in renewable power generation in France and Germany despite mild weather. The price for the German spot power contract soared by 8.1% to 41.62 EUR/MWh, while the equivalent French contract settled 6.4% higher at 34.50 EUR/MWh.

 

Forward electricity prices also added gains, amidst firmed carbon, oil and gas prices. The price for the German power contract for delivery in 2020 climbed by 1.3% to 47.81 EUR/MWh, while the equivalent French contract ended 1.4% higher at 50.86 EUR/MWh.

 

EU carbon prices nudged up on Thursday, reacting to a jump in oil prices, while the ongoing Brexit negotiations limited gains. The price for the 2020-expiry contract traded 0.6% higher at 25.25 EUR/tonne.

Britain's largest solar farm poised to begin development in Kent

25/05/2020 10:55:00

Britain’s largest solar farm, capable of generating enough clean electricity to power 91,000 homes, is poised to receive the greenlight from ministers this week.

<READ MORE

Russian state holding gives up control of Rosneft after Venezuela exit

25/05/2020 10:51:00

Russia’s state holding company Rosneftegaz has relinquished its controlling stake in the country’s largest oil producer, Rosneft, Rosneft said on Friday, after Rosneft’s exit from Venezuela.

READ MORE

Ofgem cuts cost of Hinkley Point C grid link by £60 million

25/05/2020 10:46:00

The move will save UK consumers money on their bills over the 45-year cost period.

READ MORE