Daily (27.05.2020): Energy prices recovered on Tuesday on strong optimism for a recovery in demand

27/05/2020 14:29 Daily

news

Oil prices continued the bullish evolution due to a possible extension of current oil production cuts beyond June after OPEC+ countries will meet at the beginning of next month.

Hence, Brent crude added 64 cents, or 1.8%, to settle at $36.17 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose by 63 cents, or 1.9%, to end at $34.35 a barrel.


UK gas prices rose on Tuesday, tracking stronger oil prices. The price for UK June 20 delivery increased by 0.36 pence, or 3.8% to 9.82 p/therm. The year-ahead price added 0.35 pence, or 1.1% to 32.92 p/therm.


European day-ahead power prices were mixed on Tuesday. German contracts plunged due to higher wind supply, while the French contract was supported by a slump in nuclear availability. Germany’s spot electricity price shed by 16.5% to end at 22.90 EUR/MWh, while the price for the equivalent French contract rose by 18.1%  to 19.41 EUR/MWh.


On the forward curve, a small increase in prices was noticed, following the bullish trend in carbon prices. The German year-ahead delivery contract added 1.1% at 38.33 euros/MWh and the same French contract increased by 1.7% to close at 46.93 euros/MWh.


European carbon prices were relatively flat on Tuesday due to bullish signsin the oil market and an increase in fuel demand. December 2022-expiry European CO2 allowances traded at 22.4 EUR/tonne.

Enagas and BP partner on LNG, CNG as fuel in Spain

07/07/2020 09:36:00

Enagas and a unit of BP have teamed up to promote the use of LNG and CNG as fuel for the transport sector in Spain as part of a move to reduce emissions.

<READ MORE

EDF revises 2020 forecast for French nuclear output

07/07/2020 09:16:00

EDF is revising upwards its nuclear output estimate in France for 2020, to around 315-325 terawatt-hours. In April, the French state-owned utility said it expected generation this year to be about 300 TWh, down from an initial expectation of 375-390 TWh before the coronavirus outbreak.

READ MORE

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.

READ MORE