Daily (24.07.2020): Crude oil prices fell by about 2% on Thursday amid coronavirus demand concerns, weak U.S. jobs numbers

24/07/2020 11:42 Daily


Crude oil futures continued to fall on Thursday, dragged down by data showing a surprise rise in U.S. crude stockpiles, renewed tensions between the United States and China, as well as the growth of U.S. jobless rate. However, the alarming increase of the U.S. coronavirus cases added further pressure on oil prices. Consequently, Brent crude for September delivery fell by 98 cents or 2.2%, to settle at $43.31 per barrel. Meanwhile, U.S. WTI crude declined by 83 cents or 2%, to close at $41.07 per barrel.

Seasonal normal demand and gains in carbon markets spurred British gas contracts on Thursday, with NBP spot 2.5% higher at 13.23 p/therm. Further on the curve, the gas price for Q1 21 delivery rose slightly by 0.4% to 36.81 p/therm.

German and French spot electricity prices plummeted on Thursday amid expectations of stronger wind power generation and a decrease in demand. Hence, the German day-ahead power plunged by 12.7% to 31.16 EUR/MWh, while the equivalent contract in France crashed by 13.9% to 33.96 EUR/MWh.

Year-ahead power prices rose in tandem with carbon contracts, with the German Cal’21 power 1% higher at 40.81 EUR/MWh. At the same time, the French Cal’21 power gained 1.3% at 45.15 EUR/MWh.

EUAs expiring in 2021 soared by 2.6% to 27.71 EUR/tonne on Thursday, buoyed by bullish technical signals and a second straight strong auction result.

Shell wraps up acquisition of carbon farming company

04/08/2020 09:42:00

Environmental services company Select Carbon specialises in developing projects which aim to increase carbon capture in plants or soil and reduce Australia’s emissions


Russia Seeks Additional $1.9 Billion In Taxes From Oil & Gas

04/08/2020 09:33:00

Russia’s finance ministry is looking to raise as much as US$1.93 billion (143 billion Russia rubles) in taxes from the oil industry over the next two years, as the oil price crash has shrunk Russia’s key revenue stream—oil.


Nordex to sell 2.7GW European renewables portfolio to RWE for over €400m

04/08/2020 09:21:00

From the overall pipeline, about 1.9GW is present in France in various project phases