Daily (17.05.2019): Brent crude added 1.2% on Thursday, due to rising tensions in the Middle East

17/05/2019 09:37 Daily

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Oil prices extended momentum on Thursday, on rising tensions in the Middle East, as Saudi Arabia responded to its recent attacks on its crude oil firm by launching air strikes on the Houthi-held capital Sanaa. Brent crude rose by 1.2% to $72.62 a barrel, while WTI Crude increased by 1.4% to $62.87 a barrel.

British gas prices pointed losses for the fifth consecutive day on Thursday, due to lower gas consumption and an oversupplied system. Higher wind production also weighed on prices. As a result, NBP spot fell by 0.3% to 31.90 p/therm, while the contract for delivery in Q1 2020 traded 1.1% lower at 58.46 p/therm.

 

European day-ahead power prices reversed trend, adding gains on Thursday. The price for the German day-ahead power contract soared by 8.1% to 42.95 EUR/MWh, on falling wind output. Meanwhile, the equivalent French contract settled 6% higher at 42.11 EUR/MWh, due to ongoing construction activities at one of the nuclear reactors in the North of France that might disturb supply.

 

Along the curve, electricity prices also surged, tracking bullish oil prices. The price for the German power contract for delivery in 2020 edged 0.5% higher to 49.43 EUR/MWh, while the equivalent French contract ended 0.3% up at 52.36 EUR/MWh.

 

EU carbon prices were bearish on Thursday, due to weak auction activity and softer gas prices. The price for the 2020-expiry contract traded 1.6% lower at 25.81 EUR/tonne.

Daily (13.06.2019): WTI futures lost 4% on Wednesday, due to rising crude inventories and weaker demand outlook

13/06/2019 10:53:00

Crude oil prices tumbled on Wednesday, amid higher U.S. crude inventories and poorer demand outlook. US-China trade negotiation also weighed on prices. As a result, Brent crude plunged by 3.7% to $59.97 a barrel, while WTI futures lost 4% to settle at $51.14 a barrel.

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Norway powers up its largest onshore wind farm

13/06/2019 09:08:00

A 255.6MW onshore wind farm claimed to be the largest in Norway is now up and running.

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Azerbaijan’s natgas exports up by 28%

13/06/2019 09:04:00

Azerbaijan’s natural gas exports showed a 28 percent increase year-on-year rising from 8.030 billion standard cubic meters in 2017 to 10.276 billion standard cubic meters in 2018, Trend reports citing OPEC Annual Statistical Bulletin.

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