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 (12.08.2019): European spot power prices plummeted by nearly 70% on Friday due to a surge in renewables output

12/08/2019 11:16:00

Oil prices continued to climb on Friday, in response to weaker Euroilstock data, which showed a decrease in the total crude and product inventories of 16 European countries in July. Prices also drew support from OPEC supply cuts and Saudi Arabia’s commitment to bring the oil market back to balance. Hence, Brent crude rose by 2% to $58.53 a barrel. Concurrently, WTI futures surged by 3.7% to $54.50 a barrel, on lower production growth forecasts after U.S. drillers slashed the active oil rig count for a sixth straight week.

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Tullow makes first oil discovery on Orinduik license offshore Guyana

12/08/2019 09:03:00

Tullow Oil has made an oil discovery at its Jethro-1 exploration well, drilled on the Orinduik license offshore Guyana.

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Akuo wins 370 MW in Portugal's PV tender with a record-low bid

12/08/2019 09:00:00

French renewable power producer Akuo Energy SAS confirmed on Thursday it had been awarded 370 MW of solar photovoltaic (PV) capacity in Portugal’s recently held tender.

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