Daily (24.05.2019): WTI futures slumped by 5.7% on Thursday, amid growing U.S.-China trade concerns

24/05/2019 09:42 Daily

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Crude oil prices plunged on Thursday, heading for a 6-month low, weighed by fears that the prolonged trade dispute between U.S. and China is turning into a technology cold war, or a threat to the global economic growth. Weaker U.S. data, swelling U.S. crude inventories and softer global demand outlook due to the easing U.S.-Iran tensions put more pressure on prices. WTI futures plummeted by 5.7% to 57.91 USD/bbl, while Brent crude price dipped by 4.6% to 67.76 USD/bbl. 

 

Increased Norwegian flows via the Langeled pipeline dragged down the British wholesale gas prices on Thursday. Moreover, reduced demand due to warm weather and robust wind power output added to the bearish impact on prices, with the NBP spot price tumbling by 2.7% to 29.20 p/therm. Meanwhile, the contract price for delivery in August 2019 declined by 0.6% to 32.39 p/therm.

 

European spot power prices posted losses on Thursday, as consumption was set to curb ahead of the weekend. In Germany, the day-ahead power contract edged 0.5% lower at 40.46 EUR/MWh, on forecasts for stronger wind generation. In the meantime, the price for the equivalent French contract sank by 2.2% to 38.81 EUR/MWh, amid unchanged nuclear availability.

 

The forward electricity prices were seen in a downward trend on Thursday, under the influence of a bearish energy complex. The German power contract for delivery in 2020 ended 1.1% down at 48.59 EUR/MWh, while the equivalent French contract retreated by 1%, closing at 51.65 EUR/MWh.

 

EU carbon prices lost momentum in a weaker session on Thursday, as falling oil prices affected the energy complex on the downside. The price for the contract expiring in 2021 dropped by 1.2% to 26.62 EUR/tonne.

 

Daily (13.06.2019): WTI futures lost 4% on Wednesday, due to rising crude inventories and weaker demand outlook

13/06/2019 10:53:00

Crude oil prices tumbled on Wednesday, amid higher U.S. crude inventories and poorer demand outlook. US-China trade negotiation also weighed on prices. As a result, Brent crude plunged by 3.7% to $59.97 a barrel, while WTI futures lost 4% to settle at $51.14 a barrel.

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Norway powers up its largest onshore wind farm

13/06/2019 09:08:00

A 255.6MW onshore wind farm claimed to be the largest in Norway is now up and running.

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Azerbaijan’s natgas exports up by 28%

13/06/2019 09:04:00

Azerbaijan’s natural gas exports showed a 28 percent increase year-on-year rising from 8.030 billion standard cubic meters in 2017 to 10.276 billion standard cubic meters in 2018, Trend reports citing OPEC Annual Statistical Bulletin.

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