Daily (17.09.2020): An unexpected drop in US crude inventories boosted WTI crude by 5% on Wednesday

17/09/2020 13:33 Daily

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Oil prices rebounded on Wednesday amid an unexpected drop in US crude stocks. A potential hurricane in the Gulf Coast also supported prices as it curbed oil production at some production sites. As a result, Brent crude rose by 4.2% to settle at $42.22 a barrel. Meanwhile, WTI futures hiked by 5% at $40.16 a barrel.

NBP spot climbed by 5.8% to close at 30.15 p/therm, due to lower wind output that curbed gas-for-power demand. On the curve, the October 2020 delivery contract traded at 29.74 p/therm or a 2.7% gain, following a jump in oil prices.

 

European power prices declined on Wednesday. The German spot price fell by around 13% to 46.40 EUR/MWh, due to high solar output and lower demand. The equivalent French contract also lost 13% to end at 50.25 EUR/MWh.

Further along the curve, the prices eased despite a slight pickup in European carbon prices. Hence, the German year-ahead power price fell by 1.3% to 42.77 EUR/MWh, while the same French contract shed 0.8% to settle at 48.59 EUR/MWh.

 

European carbon prices nudged up on Wednesday as European Commision confirmed higher climate target. As a result, EUAs contract expiring in December 2021, was seen 0.6% up at 30.28 EUR/tonne.

Daily (20.10.2020): Colder weather and stronger LNG prices supported front-month British gas prices at the beginning of the new week

20/10/2020 09:47:00

Crude oil futures continued to slip on Monday as the OPEC+ panel has made no new policy proposals from January 2021. Moreover, a resurgence of the coronavirus in Europe and the U.S. threatened to hinder a recovery in demand. Consequently, Brent crude slipped by 31 cents, or 0.7%, to settle at $42.62 a barrel. U.S. WTI crude ended rather flat at $40.83 a barrel.

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French nuclear hits 41 GW, up 12 GW over past month

20/10/2020 09:25:00

French nuclear generation ramped up to 41 GW on Oct. 19 as more reactors returned to service after maintenance, lifting average output by 12 GW over the past four weeks, system data showed.

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UK government extends price cap on energy bills to end of 2021

20/10/2020 09:19:00

The cap was introduced in January 2019 to put a lid on standard variable tariffs, the basic rate that energy suppliers charge if a customer does not opt for a specific fixed-term deal. It had been due to expire at the end of this year

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