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 (21.09.2020): German spot power price fell by more than 13% on stronger wind output

21/09/2020 11:25:00

A slide in oil prices was noticed on Friday, as worries about the increasing number of coronavirus infections across the world stalled oil demand. Furthermore, a potential return of oil output from Libya weighed on the oil market. However, a new tropical storm in the U.S. Gulf of Mexico limited losses. Hence, Brent crude slipped by 0.4% to $43.15 a barrel. At the same time, the American WTI dropped by 0.3% to $41.11 a barrel.

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Diesel prices fall again on the back of easing global crude oil prices

21/09/2020 09:11:00

The recent fall in transport fuel prices comes in the wake of softening of global oil prices as an extended run of Covid-19 has depressed demand and created a glut in the market.

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Turkey extends renewable energy support mechanism date

21/09/2020 09:03:00

If plant equipment is locally-produced, additional support for five years will be given starting from commission date

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