Daily (25.11.2020): Oil futures surged to 9-month high on Monday amid strong optimism on coronavirus vaccine, transition to Biden presidency

25/11/2020 09:51 Daily


Crude oil futures climbed to fresh multi-month highs on Tuesday as optimism arising from potential coronavirus vaccines overshadows inventory build-up in the US. The beginning of transition of power in the White House added further support to WTI. Hence, Brent crude surged by $1.80, or 3.9%, to close at $47.86 per barrel. Meanwhile, U.S.WTI crude soared by $1.85, or 4.3%, to finish at $44.91 per barrel. Both contracts reached their highest settlements since March, even returning to levels before the outbreak of the coronavirus pandemic.

British near-term gas prices soared on Tuesday, mainly supported by lower wind energy generation which spurred the gas-to-power demand. As a result, NBP spot rallied by 5.7% to 38.80 p/therm. Along the forward curve, the gas price for Q3 21 delivery rose by 2.3% to 31.72 p/therm, tracking bullish oil and carbon markets.

Lower wind energy generation and forecasts of colder weather supported European spot electricity prices on Tuesday. Thus, the German day-ahead power jumped by 11.5% to 46.87 EUR/MWh, while the French equivalent power contract settled at 47.46 EUR/MWh, posting a 1.5% gain day-on-day.

Year-ahead power contracts increased in tandem with a bullish energy complex. The German Cal’21 power added 1% to 39.96 EUR/MWh, while the French Cal’21 power ended at 43.49 EUR/MWh, posting a 0.7 rise on a daily basis.

European carbon prices continued to climb for the third straight session in a row on Tuesday as markets started to react positively to Biden transition, with EUAs expiring in 2021 edging 1.4% higher at 27.79 EUR/tonne.

Daily (03.03.2021): Oil prices tumbled to two-week lows on Tuesday amid expectations that OPEC will boost output

03/03/2021 10:37:00

Crude oil prices remained on the back-foot for the fourth consecutive day on Tuesday amid expectations that OPEC+ producers will ease supply curbs at their meeting later this week as the global oil demand shows signs of recovery from the coronavirus pandemic. Hence, Brent crude dropped by 99 cents, or 1.6%, to settle at $62.70 a barrel, its lowest close since Feb. 12. U.S. WTI crude fell by 89 cents, or 1.5%, to $59.75, its lowest settlement since Feb. 19.


Brussels opens in-depth investigation into Germany’s coal phase-out plan

03/03/2021 09:10:00

The German Bundestag sealed an agreement in June last year to compensate RWE and LEAG with €4.35 billion for closing the country’s last remaining coal plants and mining operations by 2038.


Global CO2 emissions rising again after nearly 6% fall last year

03/03/2021 09:07:00

Global carbon dioxide emissions dropped by 5.8% in 2020 as the COVID-19 pandemic slowed economic activity, but they rebounded at the end of the year and are on course to rise further, the International Energy Agency said on Tuesday.