Daily (19.09.2018): Oil prices gained almost 1.5% on Tuesday, due to concerns over global supply

19/09/2018 13:31 Daily

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Oil crude prices surged on Tuesday, prior to OPEC’s meeting on the possibility to raise production, as Iranian output might decline once U.S. sanctions will take effect from November. However, gains were capped by continuous trade disputes between U.S. and China. Brent crude added 1.3% to close at $79.03 a barrel. WTI crude increased by 1.4% to $69.85 a barrel.

Higher wind generation and weaker gas demand due to hot weather contributed to a decrease in British gas prices on Tuesday. NBP day-ahead gas price tumbled by 1.4% to end at 70.65 p/therm. Along the curve, the 2019 delivery contract lost 1% to 67.25 p/therm.

 

European power prices for day-ahead delivery were mixed on Tuesday. The power prices for day-ahead delivery in Germany fell by 0.6% to settle at 57.60 EUR/MWh, due to higher solar generation. However, French spot contract gained 1% to 62.46 EUR/MWh, as Switzerland’s main reactor at Leibstadt is closed for a full four-week outage. 

 

On the forward electricity curve, prices followed the bearish evolution in gas and carbon markets. The German year-ahead contract ended at 53.00 EUR/MWh, or 0.7% down. The French equivalent Cal’19 contract settled 0.9% lower at 58.70 EUR/MWh.

 

A weaker auction led to a downward evolution in carbon prices on Tuesday. The 2019-expiry contract price decreased by 3.3% to 20.63 euros a tonne.
 

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Daily (13.08.2019): European carbon prices slumped by over 5% on Monday amid a weaker auction

13/08/2019 10:05:00

Oil prices remained bullish on Monday, on expectations for deeper cuts of global oil supplies that might counterbalance the slowing growth of global crude demand driven by the U.S.-China trade dispute. Brent crude traded 0.1% up at $58.57 a barrel. At the same time, the ongoing tensions between the U.S. and Iran, along with a weakening dollar, pushed the WTI futures 0.8% higher at $54.93 a barrel.

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