Daily (23.10.2019): WTI crude jumped by 2.2% on Tuesday, due to progress in China-U.S. trade talks

23/10/2019 10:47 Daily


Crude oil prices rose on Tuesday, after Washington and Beijing have made progress in trade negotiations, according to China’s Vice Foreign Minister Le Yucheng. Hence, Brent crude closed 1.3% higher at $59.70 a barrel, while WTI futures jumped by 2.2% to $54.48 a barrel.

British day-ahead wholesale gas prices jumped on Tuesday, bolstered by a decline in Norwegian flows and higher demand forecasts. As a result, NBP spot closed 7% higher at 24.35 p/therm. Meanwhile, the contract for delivery in Summer 2020 fell by 0.4% at 41.10 p/therm, on plentiful storage levels.


European prompt electricity prices lost ground on Tuesday. The French prompt power price dropped by 6.3% to 44.47 EUR/MWh, due to increased nuclear availability. At the same time, the German equivalent contract plunged by 7.1% to 43.52 EUR/MWh, on higher German wind output and lower demand due to milder weather.


Further on the curve, power prices also weakened, moving in tandem with carbon and gas prices. The German Cal 2020 delivery contract decreased by 2.2% to 47.76 EUR/MWh, while the French equivalent contract was 1.8% lower at 50.69 EUR/MWh.


European carbon prices slid on Tuesday, as UK struggles to get the Brexit deal sealed. The price for the contract expiring in 2021 fell by 1.1% to 26.17 EUR/tonne.

Ireland to open 1st renewables auction in early 2020

03/12/2019 09:36:00

The Irish government on Monday gave the green light to the country’s first auction under its new Renewable Electricity Support Scheme (RESS) that is seen to pave the way towards a 70% renewables share by 2030.


Novatek $4.8 bln Yamal LNG fleet complete. Yakov Gakkel expected to load next week

03/12/2019 09:33:00

Russia’s largest independent natural gas producer and LNG exporting player, Novatek has completed the $4.8 billion, 15-vessel strong fleet of Arc7 liquefied natural gas carriers set to serve its giant Yamal LNG project in the Arctic.


Growth 'soars' in UK energy storage

03/12/2019 09:18:00

Over 10,500MW of battery storage planning applications have been made in the UK, compared with 6900MW a year ago, according to new research from RenewableUK (R-UK).