Daily (28.05.2020): After previous gains, energy markets turned bearish again on Wednesday

28/05/2020 11:48 Daily

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Oil prices turned bearish on Wednesday as tensions between China and the United States intensified, following the statements of the American president about a firm response to China’s proposed security law in Hong Kong. Moreover, some traders treated with suspicion Russia’s commitment to deep production cuts. 

Hence, Brent crude slipped by $1.43, or around 4%, to settle at $34.74 a barrel and U.S. West Texas Intermediate (WTI) crude was $1.54, or 4.5%, lower at $32.81 a barrel.


British gas prices fell on Wednesday as gas system is still oversupplied despite a halt in flows over the Yamal-Europe pipeline from Russia via Poland. The NBP spot slumped by 1.85 pence, or 16.8% to 9.15 p/therm, while the June 20 contract traded 0.94 pence, or 9.6% lower at 8.88 p/therm.


European power prices for day-ahead delivery slumped on Wednesday as a result of a forecast rise in renewables power generation and weaker demand. Germany’s spot contract reported a drop of 10.9% to close at 20.41 EUR/MWh. The equivalent French price fell by 11.2% to 17.23 EUR/MWh.


Further along the curve, electricity prices shed, tracking the fall in oil, gas and carbon permit prices. Consequently, German year-ahead delivery dropped by 1.7% to 37.67 euros/MWh. At the same time, the equivalent French contract lost 1.5 % to close at 46.25 euros/MWh.


European carbon prices fell on Wednesday after posting three straight days of gains on demand of market participants to raise the prospect of  EUAs retreating. The 2021-expiry contract traded 1.2% lower at 21.70 EUR/tonne.

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

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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.

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Swinoujscie terminal receives 100th LNG shipment

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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.

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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.

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