Daily (18.10.2019): EUAs nearly 1% off a fresh three-week high on Thursday, amid growing uncertainty over the fate of the new Brexit deal

18/10/2019 10:29 Daily

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Crude oil prices extended gains on Thursday after data pointed at a fall in the U.S. fuel stocks. Higher freight rates from Chinese shipping firm COSCO coupled with news about a new Brexit deal agreed between the UK and the EU also supported prices. Still, gains were capped by demand concerns in the wake of a larger-than-forecasted build in the U.S crude inventories and a string of poor economic data. Consequently, Brent crude inched up by 0.8% at 59.91 USD/bbl, while WTI futures added 1.1% to end at 53.93 USD/bbl. 

Most of the British gas prices remained bearish on Thursday. NBP spot slid by 0.8% to 26.00 p/therm, as weaker demand forecasted for next week and firmer gas send-out from LNG terminals outweighed the upward stimulus from a decline in Norwegian flows via the Langeled pipeline. On the curve, the July 2020 delivery contract was 0.4% down at 41.38 p/therm, with one LNG cargo unloaded on Thursday and another four vessels expected by the end of next week. 

 

Forecasts for a surge in wind generation and lower demand due to milder weather weighed on European day-ahead electricity prices on Thursday. The German spot power price plunged by 19.2% to 35.35 EUR/MWh. The equivalent French contract slumped by 11% to 39.23 EUR/MWh, amid steady nuclear power supply after a two-day utility workers’ strike.

 

Forward electricity prices lost momentum on Thursday, influenced by bearish carbon and gas markets. The price for the 2020-delivery German power contract dropped by 1.3% to 48.40 EUR/MWh, while the equivalent French contract lost 1% to settle at 51.33 EUR/MWh.

 

The European carbon prices climbed to a new intraday three-week high before retreating on Thursday, as the bullish news of a Brexit agreement sealed between the EU and the UK was followed by uncertainty over its approval in the UK Parliament. The price for the 2019-expiry contract decreased by 0.9% to 26.06 EUR/tonne.

Indonesia signs 20-year production sharing contract for Corridor block

11/11/2019 14:12:00

Indonesia’s government signed on Monday a production sharing contract with units of ConocoPhillips, PT Pertamina and Repsol SA for the Corridor natural gas blocks, Energy and Mineral Resources Minister Arifin Tasrif told reporters.

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Iran finds new oilfield of massive size

11/11/2019 14:10:00

Iranian President Hassan Rouhani on Sunday said a new big oilfield has been discovered in Khuzestan province in southwestern Iran.

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Daily (11.11.2019): NBP spot jumped by 7.2% on Friday due to colder weather

11/11/2019 11:08:00

Oil prices inched up on Friday despite U.S President Donald Trump not agreeing to decrease tariffs on China, but still accepting a potential deal to be struck by the end of the month. Hence, Brent crude traded 0.4% higher at $62.51 a barrel. WTI futures edged 0.2% higher at $57.24 a barrel.

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