Daily (21.03.2019): A sharp drop in crude inventories led to a 2% rise in WTI crude on Wednesday

21/03/2019 10:14 Daily

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Oil prices soared on Wednesday buoyed by U.S. government data that showed a sharp drop in crude inventories due to strong export and increasing refining demand. As such, Brent crude rose by 1.3% to $68.50 a barrel, while WTI futures traded 2% higher at $60.23 a barrel. Still, gains could be limited by concerns on the ongoing U.S.-China trade war and its effects on global demand.

British gas prices were mixed on Wednesday. NBP spot fell by 0.5% to 37.58 p/therm, influenced by milder weather establishment. However, a decline in flows from Norway pushed forward contracts’ prices higher. The contract for delivery in Q2 2019 traded 2.1% up at 37.50 p/therm

 

European day-ahead power prices declined on Wednesday affected by an increase in wind power and forecasts for weaker demand. The price for the German spot power contract fell by 4.1% to 39.79 EUR/MWh, while the equivalent French contract traded 4.8% lower at 39.94 EUR/MWh, on firmer nuclear power supply.

 

Along the curve, electricity prices also lost ground, tracking lower coal prices. The price for the German power contract for delivery in 2020 slipped by 0.4% to 45.87 EUR/MWh, while the equivalent French contract edged 0.4% lower at 49.11 EUR/MWh.

 

EU carbon prices recouped previous session’s losses on Wednesday, rising closer to the €22 mark, as a bounce in natural gas prices boosted the overall energy complex. The price for the 2021-expiry contract traded 2.4% higher at 22.47 EUR/tonne.

Daily (16.08.2019): EU carbon prices at a new 5-week low on Thursday, due to speculative selling, Brexit fears and a weak macroeconomic context

16/08/2019 11:26:00

Intensifying recession fears spurred by downbeat economic data in Europe and China dragged the crude oil prices lower on Thursday. China’s warning about potential countermeasures in response to the latest U.S. tariff on Chinese goods also weighed on the market. Moreover, the rise in the U.S. crude inventories, extended unexpectedly into the second week, added pressure on crude prices. Under such circumstances, Brent crude dropped by 2.1% to $58.23 a barrel, while WTI futures lost 1.4% to trade at $54.47 a barrel.

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Germany's E.on plans 440-MW wind park in Texas

16/08/2019 08:41:00

A week after opening a 201-MW wind park in Texas, German utility E.on SE announced it will build an even larger one in the Lone Star State.

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Equinor Starts Up Major $7.7B Oil Field In UK North Sea

16/08/2019 08:37:00

Norwegian energy giant Equinor announced on Thursday first oil from the Mariner oil field in the UK North Sea whose start-up has been delayed twice over the last year due to technical issues.

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