Daily (14.09.2020): Crude oil fell by nearly 6.7% on a weekly basis, amid global demand worries and rising crude stocks

14/09/2020 11:19 Daily

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Oil prices declined on Friday posting their second consecutive weekly loss, amid worries over global fuel demand and a continuing rise in crude inventories. As a result, Brent crude fell by 0.6% to settle at $39.83 a barrel. Meanwhile, WTI futures was almost flat at $37.33 a barrel,

NBP spot inched 0.4% lower to close at 18.95 p/therm, due to higher wind output that curbed gas-for-power demand. On the curve, the October 2020 delivery contract traded at 27.78 p/therm or a 0.3% gain, as some LNG tankers were unable to unload at port due to high wind storm, leading to less supply in the system.

 

European power prices tumbled on Friday as demand is still under the normal level and renewable output is strong. The German spot price plunged by around 33.3% to 31.87 EUR/MWh, due to high wind output. The equivalent French contract also lost 24% to end at 39.86 EUR/MWh.

 

Further along the curve, power prices eased tracking losses in European carbon contracts. Hence, the German year-ahead power price fell by 0.2% to 41.46 EUR/MWh, while the same French contract shed 0.3% to settle at 47.49 EUR/MWh.

 

European carbon prices nudged down on Friday as European Parliament voted for higher 2030 climate goal. As a result, EUAs contract expiring in December 2021, was seen 0.6% down at 28.56 EUR/tonne.

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16/10/2020 09:16:00

Russian oil producers who have already reduced their drilling activity by a third this year may cut it further by 20 percent, according to the chief executive of a major oilfield service provider.

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Daily (15.10.2020): Crude oil prices rose by 2% on Wednesday driven by a weaker US dollar

15/10/2020 14:15:00

Crude oil saw a second session of rising prices supported by a slight decline in the US dollar. Both Brent and WTI crude climbed by 2.1% to trade at $43.32 and $41.04 a barrel respectively.

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Global CO2 emissions show biggest ever drop in first half of 2020

15/10/2020 09:30:00

Global carbon dioxide emissions fell by 8.8% in the first six months of this year, the biggest drop for a first half-year period, due to the effects of coronavius-related restrictions, a study showed on Wednesday.

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