Daily (29.06.2020): Brent and WTI dropped by 2.8% and 3.2% for the week as the coronavirus spread is likely to cloud the demand outlook

29/06/2020 09:50 Daily


Crude oil futures turned bearish on Friday as the spread of coronavirus in the U.S. and China are expected to hurt demand recovery. However, a record build-up in U.S. crude inventories added further pressure on the WTI crude price. Hence, Brent crude steadied at $41.02 a barrel.  At the same time, U.S. WTI crude fell by 23 cents, or 0.6%, to settle at $38.49 per barrel. For the week, Brent dropped by 2.8%, while WTI crude shed by 3.2%.

All British gas contracts on the curve gained ground on Friday. The gas price for Winter 2020 delivery rose by 0.5% to 32.38 p/therm despite a slight decline in oil prices. However, the NBP spot gas contract traded 1.8% lower at 13.55 p/therm amid a well-supplied system.

German and French spot electricity prices decreased considerably on Friday amid forecasts for stronger wind supply and prospects for bearish demand. As a result, the German day-ahead power plunged by 23% to 26.83 EUR/MWh, while the price for the equivalent contract in France plummeted by 24% to 26.78 EUR/MWh.

Year-ahead power prices increased, tracking stronger coal prices. Consequently, the German Cal’21 power contract posted minor gains, to trade at 40.39 EUR/MWh, while the French Cal’21 added 0.3% at 47.65 EUR/MWh.

EUAs expiring in 2021 decreased by 1.8% to 25.05 EUR/tonne, dragged down by the most bearish auction in almost two months.

Daily (02.07.2020): EUAs soared briefly above the €28-level on Wednesday, to hit 11-month highs amid speculative buying

02/07/2020 09:26:00

Crude oil futures gained ground on Wednesday amid a massive drawdown in U.S. crude stockpiles, suggesting that demand is improving. However, the surge in new coronavirus cases limited the market’s upside. Hence, Brent crude for September delivery rose by 88 cents, or 2.1%, to settle at 42.03 a barrel. At the same time, U.S. WTI crude gained 55 cents, or 1.4%, to end at $39.82 per barrel.


Statkraft to begin operations at hydropower plant in Albania

02/07/2020 09:16:00

Renewable energy generating company Statkraft announced this week that its Moglice hydropower plant in Albania will began commercial operations, delivering renewable power to the Albanian grid.


Daily (01.07.2020): The German Cal ’21 power at its highest level since the end of February, driven by economic optimism, higher carbon and coal prices

01/07/2020 09:48:00

Oil prices reversed previous gains on Tuesday as Libya prepares to resume crude exports, intensifying concerns over a possible oversupply on the market. Hence, Brent crude for August delivery, which expired yesterday, fell by 56 cents, or 1.2%, to settle at $41.15. The more-active September contract lost 58 cents at $41.27 a barrel. At the same time, U.S. WTI crude dropped by 43 cents, or 1%, to end at $39.27 a barrel. However, for the month, Brent and WTI gained 16.5% and 12.4% respectively.