Daily (15.11.2019): The German spot power contract lost 16.4% on Thursday, amidst a sharp rise in wind output

15/11/2019 11:07 Daily

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A build in U.S. crude inventories and higher oil production reported for this week put pressure on crude oil prices on Thursday. However, OPEC’s potential deepening of supply cuts later this year limited losses. Hence, Brent crude fell by 0.1% to $62.28 a barrel, while WTI futures dropped by 0.6% to $56.77 a barrel.

UK gas prices on the curve strengthened on a quiet trade on Thursday, influenced by the risk of a potential higher than expected demand of gas used for power next week. Consequently, the price for delivery in Q2 2020 rose by 1.4% to 38.53 p/therm. In the meantime, NBP spot fell by 0.8% to 38.20 p/therm, due to oversupply.

 

European spot electricity prices were mixed on Thursday. The price for the German day-ahead power contract plunged by 16.4% to 37.90 EUR/MWh, influenced by a sharp rise in renewables output and a fall in demand. Meanwhile, the price for the equivalent French contract rose by 8.2% to 57.41 EUR/MWh, due to an increase in electricity demand and a drop in supply.

Forward power prices extended their decline on Thursday, in reaction to the fall in carbon prices. The German power contract for delivery in 2020 traded 0.5% down at 45.35 EUR/MWh. The equivalent French contract price stayed flat at 48.03 EUR/MWh.

 

EU carbon prices reached a new 1-month low on Thursday on milder weather outlook and weak technical indicators. The price for the contract expiring in 2019 decreased by 1.8% to 23.96 EUR/tonne.

Daily (04.08.2020): Oil prices added near 2% on Monday amid upbeat economic data

04/08/2020 10:52:00

Crude oil futures ended higher on Monday after a session start in the red as the rise in production from OPEC+ members came into effect, adding to the virus woes. However, oil prices got a boost from positive manufacturing and industrial data across the United States, Europe, and Asia. Hence, Brent crude soared by 63 cents, or 1.5%, to settle at $44.15 a barrel. U.S. WTI crude rose by 74 cents, or 1.8%, to end at $41.01 a barrel.

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Shell wraps up acquisition of carbon farming company

04/08/2020 09:42:00

Environmental services company Select Carbon specialises in developing projects which aim to increase carbon capture in plants or soil and reduce Australia’s emissions

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Russia Seeks Additional $1.9 Billion In Taxes From Oil & Gas

04/08/2020 09:33:00

Russia’s finance ministry is looking to raise as much as US$1.93 billion (143 billion Russia rubles) in taxes from the oil industry over the next two years, as the oil price crash has shrunk Russia’s key revenue stream—oil.

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