Daily (17.09.2019): Oil prices jumped by nearly 15% following the attacks on Saudi oil facilities

17/09/2019 11:00 Daily

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Crude oil prices posted its biggest daily gain in over 30 years, following the attack on Aramco crude facilities which led to a  in cut Saudi Arabia’s production and intensified concerns of retaliation in the Middle East. According to the news, Aramco may take months to resume normal output volumes. As a result, Brent crude surged by 14.7% to $69.02 a barrel, while WTI futures hiked by 14.6% to $62.90 a barrel.

British gas prices diverged on Monday. NBP spot fell by 3.3% to 30.75 p/therm, due to an oversupplied system. However, colder weather and higher oil prices lent support to forward gas prices. The contract price for delivery in Q4 2019 rose by 5.2% to 47.91 p/therm.

 

European spot power prices were mixed on Monday. The price for the German day-ahead power contract declined by 6.4% to 33.87 EUR/MWh, due to low demand after the weekend, while the equivalent French contract settled 23.9% higher at 42.75 EUR/MWh, caused by the instability of the EDF reactors.

 

Meanwhile, forward electricity prices nudged up, tracking the bullish evolution in the gas and carbon markets after the spike in oil prices. The price for the German power contract for delivery in 2020 rose by 2.4% to 51.70 EUR/MWh, while the equivalent French contract closed 2.3% up at 54.50 EUR/MWh.

 

EU carbon prices soared on Monday, following the recent events in the oil market. As a result, the price for the contract expiring in 2019 climbed by 2.5% to 27.28 EUR/tonne.

Daily (22.09.2020): Crude oil started the new week on a bearish mood amid virus resurgence in Europe and expectations for return of Libyan crude production

22/09/2020 09:44:00

Expectations that Libyan crude will soon return to the market coupled with worries over a rise in European COVID-19 cases and a global equity market selloff dampened the sentiment on the oil markets on Monday. Hence, Brent crude for November delivery shed by $1.71, or 4% to settle at $41.44 a barrel. Meanwhile, U.S. WTI crude fell by $1.80, or 4.4%, to end at $39.31 a barrel.

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Iberdrola to create new business unit to develop green hydrogen

22/09/2020 09:12:00

Spanish utility Iberdrola said on Monday (21 September) it would create a new business unit aimed at developing green hydrogen to supply industry and heavy transport.

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Cengiz Energy invests $150M in Uzbekistan power plant

22/09/2020 09:01:00

Power plant will be operated by Cengiz Energy for 25 years

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