Daily (16.09.2020): Oil prices ended higher on Tuesday as Hurricane Sally disrupted Gulf of Mexico energy production

16/09/2020 10:57 Daily

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Crude oil futures rebounded on Tuesday, buoyed by rising Chinese industrial production and Hurricane Sally which curbed the supply in the Gulf of Mexico. However, bearish forecasts for the energy demand released by the IEA helped to limit the upside for oil prices.

 

Hence, Brent crude for November delivery soared by 92 cents, or 2.3%, to settle at $40.53 a barrel. Meanwhile, U.S. WTI crude for October delivery climbed by $1.02, or 2.7%, to settle at $38.28 a barrel. Both contracts fell on Monday.

 

The British day-ahead gas price rose by 2.3% to 28.50 p/therm on Tuesday in spite of a supply glut due to additional LNG deliveries expected to reach UK shores in the few weeks.

 

Along the forward curve, the gas price for year-ahead delivery added 0.3% to 37.14 p/therm, tracking higher oil prices.

 

European spot electricity prices retreated sharply on Tuesday from previous day’s high as wind energy generation picked up. As a result, the German day-ahead power plummeted by 23.9% to 53.41 EUR/MWh, while the French equivalent power price dived by 20.5% to 57.83 EUR/MWh.

 

Year-ahead power prices gained ground despite lower carbon prices. Thus, the German Cal’21 power inched 1.1% higher at 43.34 EUR/MWh. The similar French contract added 0.4% to 48.97 EUR/MWh.

 

EUAs expiring in 2021 decreased by 2.2% to 30.10 EUR/tonne on Tuesday, but held most of Monday’s significant gains ahead of this week’s release of the EU’s new climate strategy.

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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UK companies call on government to support nuclear in COVID recovery

15/10/2020 09:22:00

Nuclear - including advanced and small modular reactors - can play a positive role in helping to rebuild the post-COVID economy while also helping combat climate change, Urenco and U-Battery Ltd have said in a submission to the UK Business, Energy and Industrial Strategy (BEIS) Select Committee inquiry on post-pandemic economic growth.

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