Daily (25.05.2020): Oil futures settled lower on Friday amid U.S.-China turbulence, but posted a weekly gain

25/05/2020 10:35 Daily


Crude oil futures lost ground on Friday amid worries about economic recovery in China and rising tensions between Beijing and Washington.

Hence, Brent crude for July delivery fell by 93 cents, or 2.6%, to settle at $35.13 per barrel, while U.S. WTI crude dropped by 67 cents, or 2%, to close at $33.25 per barrel. However, for the week, Brent surged by 8% and WTI by 12% as countries relaxed lockdown measures.

The British spot gas price recovered on Friday after a weak demand due to a holiday in many continental European countries. Indeed, NBP spot soared by about 10% to 9.40 p/therm. On the curve, the gas price for year-ahead delivery shed by 1.9% to stand at 32.57 p/therm, tracking weaker oil prices.

European spot electricity prices decreased sharply on Friday, driven by robust wind power supply in Germany and higher nuclear availability in France. As a result, the German power for day-ahead delivery plunged by 45.5% to 10.26 EUR/MWh, while the equivalent power contract in France dived by 21% to 11.65 EUR/MWh. 

Year-ahead power contracts declined, tracking a bearish energy complex. Consequently, the German Cal’21 power contract lost 1% at 36.91 EUR/MWh, while the similar contract in France was rather flat at 45.11 EUR/MWh.

EUAs expiring in 2021 rose by 1% to 21.77 EUR/tonne on Friday despite weak gas and wider macroeconomic concerns.

Daily (06.07.2020) NBP spot plunged by almost 5% on Friday influenced by an upward revision of the French nuclear output.

06/07/2020 10:40:00

Crude oil prices lost momentum on Friday, on renewed fears over global fuel demand as U.S reported a surge in coronavirus cases. Nevertheless, signs of improving global economy and OPEC+ record high supply cuts limited the loss. As a result, Brent crude decreased by 0.8% to $42.80 a barrel. Similarly, WTI futures traded 1% lower at $40.24 a barrel.


Swinoujscie terminal receives 100th LNG shipment

06/07/2020 10:05:00

The Swinoujscie gas terminal in north-western Poland received its 100th liquefied natural gas cargo on Friday. The 90,000 tonnes LNG shipment came from Qatar Liquefied Gas Company Limited (Qatargas) aboard the Al-Safliya LNG tanker.


Russia's Novak sees global oil output cuts easing from August

06/07/2020 09:56:00

Russian Energy Minister Alexander Novak said on Thursday that the OPEC+ group of oil producers is expected to start easing oil output cuts from August as previously agreed.