Daily (27.02.2019): Brent crude rebounded on Tuesday on OPEC’s strong commitment to continue production cuts

27/02/2019 10:57 Daily

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Crude oil prices resumed their upward trend on Tuesday, stimulated by OPEC’s intention to proceed with production cuts until inventories will decrease to their five-year average, despite President Trump’s recent tweet. U.S. Sanctions on Venezuela and the official decision to restart Libya’s largest oilfield, EL Sahara, also lent support to prices. Brent oil rose by 0.7% to $65.21 a barrel. Meanwhile, WTI futures struggled to pare earlier losses in a stabilizing market, settling at $55.50 a barrel.

British day-ahead gas price inched up on Tuesday due to a stronger gas-for power demand caused by lower wind output. NBP spot price added 0.2% to end at 43.80 p/therm, despite higher temperatures. On the curve, gas prices were bearish, as increased Norwegian flows and ample LNG supplies led to a system glut. The Q2 2019 delivery contract traded 0.8% down at 42.76 p/therm.

 

European spot power prices fell on Tuesday, weighed by forecasts for rising wind generation later in the week as well as by weaker consumption driven by mild weather. The German day-ahead power contract dropped by 0.9% to 44.21 EUR/MWh, while the equivalent French contract price closed 0.7% down at 43.43 EUR/MWh.

 

On the curve, electricity prices posted gains, tracking higher coal and carbon prices. The price for German power contract for delivery in 2020 edged 0.6% up at 46.10 EUR/MWh. The equivalent French contract price climbed by 1% to end at 49.41 EUR/MWh.

 

EU carbon prices continued to recover on Tuesday from last week’s steep drop, amid wider markets’ reaction to the progress on a potential Brexit deal. The price for the 2021-expiry contract surged by 2.1% to 20.47 EUR/tonne.

 

Daily (13.08.2019): European carbon prices slumped by over 5% on Monday amid a weaker auction

13/08/2019 10:05:00

Oil prices remained bullish on Monday, on expectations for deeper cuts of global oil supplies that might counterbalance the slowing growth of global crude demand driven by the U.S.-China trade dispute. Brent crude traded 0.1% up at $58.57 a barrel. At the same time, the ongoing tensions between the U.S. and Iran, along with a weakening dollar, pushed the WTI futures 0.8% higher at $54.93 a barrel.

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Coal generation in Europe down 19% in 2019 as phase-outs take effect

13/08/2019 08:42:00

Coal generation in Europe dipped 19% over the first six months of 2019, according to Brussels-based think tank Sandbag.

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Wintershall Dea begun drilling 4 production wells on the Dvalin gas field in the Norwegian Sea

13/08/2019 08:36:00

Wintershall Dea reported today that it has begun drilling 4 production wells on the Dvalin gas field in the Norwegian Sea, getting ready for the start of production in 2020.

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