Daily (18.12.2019): Crude oil prices settled higher for a fourth straight day on Tuesday after “phase one” of the U.S.-China deal

18/12/2019 13:18 Daily

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Crude oil futures settled higher for the fourth day in a row on Tuesday, spurred by Friday’s announcement of a “phase one” trade agreement between the United States and China, deal aimed to increase oil demand in 2020.

Brent crude for February delivery advanced 76 cents, or 1.2%, to settle at $66.10 a barrel on ICE London. The January WTI contract gained 73 cents, or 1.2%, ending at $60.94 per barrel.


British gas prices boosted on Tuesday, buoyed by an undersupplied system due to weaker LNG deliveries and  stronger demand for power generation. NBP spot rose by 2.2% to 33.00 p/therm.

 

Further along the curve, prices also were bullish.  The January 2020 delivery contract gained 6% at 37.56 p/therm. At the same time, the price for Summer 2020 delivery surged by 4.4% to 33.85 p/therm.

 

European spot power prices ended on a mixed note on Tuesday. The German contract traded 9.5% higher at 40.20 EUR/MWh, on forecasts for reduced power generation from wind turbines. However, the equivalent French contract lost 1.7% to trade at 41.93 EUR/MWh, amid stable nuclear availability.

 

Along the forward curve, contracts gained ground on Tuesday, tracking a bullish energy complex. German power for year-ahead delivery firmed 1.3% at 43.24 EUR/MWh, while the French equivalent contract closed 1.4% higher at 45.82 EUR/MWh.

 

Carbon prices continued their upward trend for the second straight day on Tuesday, hitting a 7-week high as the year-end auction pause started, with the technical buying built on the previous’ day sharp increase.  EUAs for 2020 expiry soared by 4.2% to 26.07 EUR/tonne.

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Daily (01.07.2020): The German Cal ’21 power at its highest level since the end of February, driven by economic optimism, higher carbon and coal prices

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Oil prices reversed previous gains on Tuesday as Libya prepares to resume crude exports, intensifying concerns over a possible oversupply on the market. Hence, Brent crude for August delivery, which expired yesterday, fell by 56 cents, or 1.2%, to settle at $41.15. The more-active September contract lost 58 cents at $41.27 a barrel. At the same time, U.S. WTI crude dropped by 43 cents, or 1%, to end at $39.27 a barrel. However, for the month, Brent and WTI gained 16.5% and 12.4% respectively.

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