Daily (17.02.2020): Oil posts the first weekly gain since early January on potential OPEC further output cuts

17/02/2020 10:46 Daily

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Crude oil futures rebounded on Friday amid easing concerns over the impact of the lethal coronavirus outbreak on the global energy demand. Meanwhile, prices got some support from signals that OPEC and its allies may intervene to prop up the market.

Brent crude rose by 98 cents, or 1.7%, to settle at $57.32 a barrel. It posted a 5.2% gain week-on-week. U.S. WTI crude gained 63 cents, or 1.2%, to settle at $52.05. It increased 3.4% for the week.


British gas prices moved higher on Friday, supported by an undersupplied system and gains in oil and coal markets. NBP spot surged by 4.2% to stand at 21.40 p/therm.


The contracts on the curve also gained ground, with the gas price for April delivery trading 1% higher at 21.08 p/therm, and the gas price for May delivery increasing by 1.4% to 22.06 p/therm.

 

European spot electricity prices lost ground on Friday, dragged down by higher wind output generation and sluggish power demand. The German power contract for Monday delivery collapsed 43.2% at 20.44 EUR/MWh, while the French equivalent contract dipped 27.2% at 22.42 EUR.

 

Year-ahead contracts increased in tandem with oil, gas and coal prices. German Cal’21 jumped by 0.5% to 42.77 EUR/MWh, while the same contract in France advanced 0.8% at 44.18 EUR/MWh.


Carbon prices tumbled on Friday amid a sluggish auction demand. EUAs expiring in 2021 lost 2.11% at 24.07 EUR/tonne.

Daily (06.04.2019): Brent crude jumped by nearly 14% on Friday, on hopes for new output cuts by world oil leaders

06/04/2020 11:06:00

Crude oil prices rebounded on Friday, marking the first weekly rise in more than a month, after OPEC leader, Saudi Arabia, announced the willingness to have an emergency meeting to potentially cut oil supplies and solve the oil price war. Consequently, Brent crude for June delivery traded 13.9% higher at $34.11 a barrel. Similarly, WTI futures spiked by 11.9% to $28.34 a barrel.

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Innogy commits to 342MW Kaskasi

06/04/2020 10:58:00

Innogy has given the go-ahead to its third German offshore wind farm having taken a final investment decision (FID) for the construction of the 342MW Kaskasi project in the North Sea.

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German hourly power drops to minus 50.26 euros per MWh for Sunday

06/04/2020 10:54:00

German day-ahead power prices plunged as low as EUR -50.26/MWh on an hourly basis for a fourth consecutive Sunday amid low demand and high renewables feed-in.

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