Daily (02.11.2018): WTI crude posted a 17% loss from highs hit in early October to settle at $63.69 a barrel on Thursday

02/11/2018 10:56 Daily

news

Crude oil prices extended losses on Thursday, as crude production rose by over 2 million barrels per day during the last 12 months. Moreover, increased concerns over a potential slowdown in global growth amid continuous trade tensions between U.S. and China put more pressure on prices. 

Consequently, Brent crude dropped by 3.4% to $72.89 a barrel. WTI crude was 2.5% down at $63.69 a barrel, a low not seen since April, or a 17 percent loss from peaks hit at the beginning of October. 

 

British wholesale gas prices were strongly bearish on Thursday, due to an oversupplied system after the arrival of two LNG vessels. Furthermore, robust flows from Vesterled pipeline weighed down on prices. The NBP spot gas contract traded 2.2% down at 61.20 p/therm. On the forward curve, Summer 2019 delivery price tumbled by 4.1% to 55.5 p/therm.

 

On Thursday, European spot power prices were bullish, because of cooler weather and increased demand. The French baseload price for Friday delivery soared by 21.9% to 65.98 euros/MWh. In the meantime, the German equivalent contract traded 14.3% higher at 54.77 euros/MWh.

 

Along the forward curve, power prices tracked the bearish trend in the carbon market. The electricity price in France for delivery in 2019 slipped by 1% to 53.12 euros/MWh. The German 2019-delivery contract closed 2.4% lower at 48.35 euros/MWh.

 

European carbon prices significantly fell on Thursday around the 15-euro level, reaching new four-month lows due to a weaker energy complex. The 2020 expiry carbon contract closed 4.8% down at 16.26 euros a tonne, posting around 18% loss week-on-week.
 

BP discovers another giant gas field in the Caspian

11/01/2019 09:34:00

BP and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start.

<READ MORE

Acciona completes installation of PV panels at 404MW solar plant in Mexico

11/01/2019 09:28:00

Acciona Energía has completed installation of solar panels at the 404.57MW Puerto Libertad plant located in the Sonora desert in Mexico.

READ MORE

Aker energy strikes oil offshore Ghana

11/01/2019 09:23:00

Norwegian oil company Aker Energy announced Thursday that it has struck oil offshore Ghana with a resource volume potential of up to 1 billion barrels of oil equivalent, according to a company statement.

READ MORE