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 (27.05.2020): Energy prices recovered on Tuesday on strong optimism for a recovery in demand

27/05/2020 14:29:00

Oil prices continued the bullish evolution due to a possible extension of current oil production cuts beyond June after OPEC+ countries will meet at the beginning of next month.

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Uniper signs contract for planned German LNG terminal

27/05/2020 09:28:00

German power producer Uniper has signed a contract to build and charter an LNG terminal vessel for a planned project in Wilhelmshaven with Japanese partner Mitsui OSK Lines (MOL), it said on Tuesday.

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Yamal-Europe pipeline gas flows dive

27/05/2020 09:23:00

Deliveries along the Yamal-Europe pipeline dropped sharply on 24-25 May and were nominated even lower today, likely driven by weaker European demand for Russian gas.

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