Daily (21.01.2021): Oil prices edged higher on Wednesday with the inauguration of the 46th US President

21/01/2021 10:46 Daily

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On Wednesday, Joe Biden was sworn in as the 46th President of the United States. His climate change policies raised hopes for restricted U.S. crude supply, thus lending support to crude oil prices. As such, Brent oil edged 0.3% higher at $56.08 a barrel, while WTI crude gained 0.6% to $53.31 a barrel.

British near-term gas prices lost ground on Wednesday, weighed by a healthy supply. At the same time, forecasts for colder weather in February helped limit losses. As such, the front-month NBP gas contract slipped by 0.6% to 57.44 p/therm. Contracts on the curve were also bearish yesterday, despite a slight increase in oil prices. NBP Cal’22 gas contract traded 0.4% lower at 44.21 p/therm.

 

European day-ahead power prices slumped on Wednesday, weighed by high wind generation and mild weather conditions. Moreover, an increase in French nuclear availability also put pressure on prices. Consequently, the German spot power price tumbled by 17.1% to 30.07 EUR/MWh and its French counterpart dropped by 15.3% to 41.60 EUR/MWh.

 

Contracts on the curve ended higher, despite weaker carbon prices. As such, the German and French Cal’22 power contracts traded 1.2% higher at 50.19 EUR/MWh and 51.46 EUR/MWh respectively.

 

Carbon EUAs edged lower on Wednesday amid a volatile energy market. Trading data revealed a drop in long-term positions yesterday. As a result, the CO2 contract expiring in December 2022 lost 0.5% to close at 33.12 EUR/tonne.

French Feb nuclear falls to record low as maintenance season starts early

02/03/2021 08:47:00

Average French nuclear generation fell to a record low in February of 45 GW, down 5.5% on the year, grid operator data showed March 1.

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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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Germany receives 200 hydrogen project applications in IPCEI call

01/03/2021 08:39:00

Germany's energy ministry has received around 200 hydrogen project proposals seeking funding under the Important Projects of Common European Interest (IPCEI) program, it said Feb. 25.

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