Daily (22.11.2019): WTI crude hit a 2-month high on Thursday, on potential extension of OPEC+ crude cuts and optimism around China-U.S trade talks

22/11/2019 13:32 Daily

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Crude oil prices traded higher on Thursday reaching their highest level in two months, as OPEC and its allies will most probably extend oil supply cuts until June. The news about China’s intention to invite U.S. to a second round of trade negotiations also supported the bullish trend. Hence, Brent crude rose by 2.5% to $63.97 a barrel.  WTI futures climbed by 2.8% to $58.58 a barrel.

A drop in LNG supplies at the U.K. terminals left the market undersupplied, boosting British gas prices on Thursday. As a consequence, NBP spot jumped by 2.8% to end at 41.10 p/therm. On the curve, the Q2 2020 delivery contract gained 1% to close at 38.82 p/therm.

 

European prompt power prices extended losses on Thursday due to an increase in wind generation and weaker demand ahead of the weekend. The French spot power price plunged by 15.5% to 47.53 EUR/MWh, while the German equivalent contract closed 13% lower at 43.58 EUR/MWh.

 

Further along the curve, power prices were stronger on Thursday, tracking higher gas and oil prices. The German contract for next-year delivery edged 0.8% higher at 45.64 euros/MWh. The same increase was noticed in the the French equivalent contract, which settled at 48.24 euros/MWh.

 

European carbon prices slid on Thursday, on uncertainty whether a softer Brexit deal will be possible in January 2020. A weaker auction also contributed to the decline. Consequently, the price for the 2021-expiry contract nudged 0.4% lower at 24.32 EUR/tonne.

Romania awards contract for Cernavoda extension

22/01/2020 09:05:00

Candu Energy, a member of Canada's SNC-Lavalin Group, has won a USD10.8 million contract from Societatea Nationala Nuclearelectrica (SNN) for engineering analyses and assessments on unit 1 of the Cernavoda nuclear power plant in Romania. The work aims to extend the operation of the unit by an additional 35,000 hours.

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Consultancy probes Irish Sea for offshore wind

22/01/2020 08:59:00

Gavin and Doherty Geosolutions will provide geotech analysis to inform foundation options

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Rosneft increases its share in Bayernoil refinery

22/01/2020 08:49:00

Rosneft Deutschland, a subsidiary of Russian oil giant, has completed the deal to acquire a 3.57% stake in Bayernoil Raffineriegesellschaft from British BP, Rosneft said on 17 January, adding that as result of this deal, Rosneft increased its shareholding to 28.57% from 25%.

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