Daily (25.03.2020): Oil rebounds on Tuesday on hopes for a recovery in the U.S. economy

25/03/2020 09:13 Daily


Crude oil futures bounced on Tuesday on hopes that the U.S. unprecedented stimulus package would prop up the coronavirus-battered economy. Consequently, Brent crude for May delivery rose by 12 cents, or 0.4% to settle at $27.15 a barrel. At the same time, the U.S. WTI crude soared by 2.8% to $24.01 a barrel.

The British day-ahead gas price tumbled on Tuesday amid high storage inventories. Hence, the NBP spot declined by 2.3% to 21.45 p/therm.

Forward gas contracts moved downwards on Tuesday on continued worries about Europe’s energy demand due to the coronavirus spread. The gas price for Summer 2020 delivery decreased by about 1% to 21.60 p/therm.

Electricity spot gas prices in Europe rebounded on Tuesday due to weaker wind power generation and an increasing demand in Germany. The German day-ahead power price surged by 12.8% to 23.06 EUR/MWh, while the price for the equivalent contract in France soared by 11.7% to 22.47 EUR/MWh.

On the curve, the year-ahead power contracts also were bullish, tracking firmer carbon and coal prices. German Cal’21 contract increased by 3.7% to 35.18 EUR/MWh, while the similar contract in France edged 3.2% higher at 39.00 EUR/MWh.

European carbon prices were on the front foot on Tuesday as markets hit by the virus recovered slightly following government stimulus measures. EUAs expiring in 2021 rallied by 7.8% to 17.11 EUR/MWh. 

Hungarian minister highlights importance of nuclear energy

03/04/2020 10:37:00

The coronavirus pandemic has underlined the importance of the existing Paks nuclear power plant, which accounts for about half of Hungary's electricity generation, noted János Süli. The minister responsible for the design, construction and commissioning of two new reactors at Paks said that project will maintain the country's energy security and help revive its economy in the coming years.


Wind, solar secure 1.4GW in latest French tenders

03/04/2020 10:33:00

The French Ministry for the Ecological and Inclusive Transition has procured approximately 750MW of wind and 630MW of ground-mounted photovoltaic capacity in its latest round of tenders.


Daily (03.04.2020): Brent and WTI surged by 21% and 25% respectively on Thursday as Trump signalled the price war might end soon

03/04/2020 10:24:00

Crude oil futures increased considerably on Thursday, posting their biggest spike in a single session following a message from Donald Trump promising a reduction in Russian and Saudi production to rebalance the black gold market devastated by the covid-19 pandemic. At the same time, Saudi Arabia called for an urgent meeting of the OPEC and other countries, including Russia, to re-establish a balance in the oil markets.