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.

20 Fossil Fuel Companies Generate One Third Of All Global Emissions

10/10/2019 16:26:00

New data compiled by the United States-based Climate Accountability Institute and revealed by the Guardian confirms what many already know: at the core of the climate crisis is the fossil fuel industry. The crucial finding from the analysis is that 20 oil, gas and coal companies can be directly linked to over one third of all energy industry greenhouse gases in modern history. Despite knowing the destruction and dangers their activities pose to our planet and people, fossil fuel companies have been driving climate change and hold the key to avoiding impending disaster. What this points to is the urgent need for divestment, in spite of skepticism amongst some leaders.

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BP, Shell among bidders in $800 million Brazilian oil auction

10/10/2019 16:18:00

BP Plc, Chevron Corp and Royal Dutch Shell Plc are among the companies that will compete for exploration and production rights off the Brazilian coast on Thursday, in the first of three oil bidding rounds scheduled for coming weeks.

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Poland plans to triple solar energy capacity this year

10/10/2019 13:03:00

Poland, which generates most of its electricity from coal, is planning to triple its solar energy capacity this year, Prime Minister Mateusz Morawiecki told Polish radio on Wednesday.

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