Daily (19.01.2021): Crude oil markets sluggish on Monday amid stronger U.S. Dollar, surging cases of COVID-19 in China

19/01/2021 08:41 Daily

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Crude oil prices fell modestly on Monday, remaining subdued by the strength of the U.S. Dollar and the extent of the spread of COVID-19 cases in China. Hence, Brent crude declined by 0.6%, to settle at $54.75 a barrel. Meanwhile, U.S. WTI crude ended at $52.05 a barrel, posting a 0.6% loss day-on-day.

Improved wind generation, milder temperatures forecasts, as well as falling Asian LNG prices dragged down the British near-term gas prices at the beginning of the week, with the gas price for February delivery plummeting by 7.6% to 54.86 p/therm. Along the forward curve, prices followed the bearish trend of oil and carbon markets. The gas price for Q3 2021 delivery decreased by 1.3% to 39.80 p/therm.


European spot electricity prices diverged on Monday, with the German day-ahead power price diving by 19.5% to 44.95 EUR/MWh amid more wind and less demand. At the same time, the French equivalent power contract soared by 4.5% to 60.39 EUR/MWh, buoyed by a weaker hydropower output as a result of a strike by power workers in France.


Year-ahead power contracts lost ground amid a weak energy complex. Consequently, the German Cal’22 power declined by 0.5% to 48.70 EUR/MWh, while the similar power contract in France ended at 50.05 EUR/MWh, notching a 0.5% loss on a daily basis.
 
European carbon prices pulled back on Monday to end the session rather flat as technical support and economy recovery hopes were overshadowed by milder weather forecasts and ongoing concerns around the coronavirus pandemic. As a result, EUAs expiring in 2021 slipped by 0.4% to 31.62 EUR/tonne.

Daily (02.03.2021): Oil prices fell sharply on Monday amid jitters that OPEC will raise output

02/03/2021 09:24:00

Crude oil futures extended losses on Monday amid supply concerns ahead of the OPEC+ key meeting on Thursday, rising output from Venezuela, and weak crude demand from China. Hence, Brent crude settled at $63.69 a barrel, dropping by $2.44, or 3.7%. Meanwhile, U.S. WTI crude fell by 0.86 cents or 1.4%, to end at $60.64 a barrel.

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Lithuania to start supplying LNG to Poland next year

02/03/2021 08:57:00

Lithuanian state-controlled energy company Ignitis Group will start supplying liquefied natural gas (LNG) to Poland next year when a new pipeline between the two countries comes online, its CEO said on Monday.

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ENA brings more flexibility to the grid with contract update

02/03/2021 08:53:00

The Energy Networks Association (ENA) has updated its standardised flexibility contract used across the energy sector to offer more transparency and increase accessibility.

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