Daily (20.01.2021): Energy prices rebounded on Tuesday amid bullish sentiment on the market

20/01/2021 08:50 Daily

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Oil prices gained momentum on Tuesday in line with a weakening dollar, boosted by the prospect of further economic support in the United States. Hence, Brent crude for March delivery rose by $1.15, or 2.1%, to settle at $55.90 a barrel. Meanwhile, U.S. WTI crude settled 62 cents, or 1.18%, higher at $52.98 per barrel.

British near-term gas prices recovered following four days of declines, with NBP for February delivery surging by 5.3% to 57.77 p/therm as a result of strong Asian market. Along the forward curve, the gas price for Summer 2021 delivery jumped by 5.2% to 42.85 p/therm, tracking a bullish commodity market.
 
Increased wind generation and temperatures above seasonal average dragged down the European spot electricity prices on Tuesday. Consequently, the German day-ahead power plummeted by 19.3% to 36.28 EUR/MWh, while the French equivalent contract settled at 49.13 EUR/MWh, tumbling by 18.7% on a daily basis.


Year-ahead power contracts increased in response to a bullish energy complex. The German Cal’22 power added 1.9% to 49.61 EUR/MWh, while the similar power contract in France ended at 50.85 EUR/MWh, notching a 1.6% gain day-on-day.
 
European carbon prices jumped back above €33 on Tuesday, snapping a four-day decline amid forecasts of colder temperatures. Thus, EUAs expiring in 2021 rallied by 4.7% to 33.09 EUR/tonne.

Daily (01.03.2021): Oil prices fell on Friday amid strong U.S. dollar, concerns of stronger supply, but notched weekly gains

01/03/2021 11:10:00

Oil prices fell on Friday amid a stronger U.S. dollar and concerns that crude oil supply would rise in response to prices rebounding above pre-pandemic levels. Hence, Brent crude declined by 75 cents, or 1.1%, to settle at $66.13 a barrel. Meanwhile, U.S. WTI crude settled $2.03, or 3.2%, lower at $61.50 per barrel. However, on a weekly basis, Brent surged by 5.1%, while WTI soared by 3.8% and both hiked by 20% in February on supply disruptions in the United States and optimism over demand recovery on the back of COVID-19 vaccination rollout.

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