Daily (11.07.2019): Oil prices soared by nearly 4.5% on Wednesday, ahead of the Gulf of Mexico storm and lower crude inventories

11/07/2019 11:23 Daily

news

Oil prices soared on Wednesday, adding more than $2, after a greater than expected draw in U.S. crude oil inventories. The evacuation of several oil platforms in the Gulf of Mexico in advance of a tropic storm also supported prices. As a result, Brent crude hiked by 4.5% to $67.01 a barrel, while WTI futures closed 4.4% up at $60.43 a barrel.

British gas prices added ground on Wednesday amidst low wind generation and short supply. NBP hiked by 8.9% to 33.75 p/therm, while the contract for delivery in Q1 2020 traded 3.2% higher at 56.03 p/therm.

 

European prompt power prices were bullish on Wednesday as forecasts showed a sharp fall in renewables power output and a fall in French nuclear generation. Meanwhile, the German consumption remained firm. As a result, the price for the German day-ahead power contract climbed by 10.7% to 45.91 EUR/MWh, while the equivalent French contract settled 9% higher at 44.11 EUR/MWh.

 

On the curve, forward electricity prices also posted gains following a bullish energy market. The price for the German power contract for delivery in 2020 increased by 1.5% to 50.77 EUR/MWh, while the equivalent French contract traded 1.5% higher at 52.40 EUR/MWh.

 

EU carbon prices added momentum on Wednesday, reaching their highest level in 11 years, influenced by a lack of auction supply and stronger energy market. As a result, the price for the 2021-expiry contract traded 6.2% higher at 29.13 EUR/tonne.

Iberdrola secures financing of the 500 MW »Núñez de Balboa« PV solar plant in Spain

18/07/2019 08:07:00

The European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO) will finance the development of the »Núñez de Balboa« PV solar plant, which Spanish solar project developer Iberdrola is currently building in Extremadura (Spain).

<READ MORE

Daily (17.07.2019): NBP spot plunged by over 16% on Tuesday, due to ample oversupply

17/07/2019 10:43:00

Crude oil prices dipped on Tuesday, after data showed that U.S. crude inventories dropped less than expected last week, as they were only slightly affected by disruptions in the wake of Hurricane Barry in the Gulf of Mexico. Prices were also influenced by the conflicting signals from Tehran and Washington about an alleged reduction of tensions over Iran’s ballistic missile program, as well as by China’s weakest economic growth in 27 years. As a result, Brent crude tumbled by 3.2% to $64.35 a barrel, while WTI futures slumped by 3.3% to $57.62 a barrel.

READ MORE

Equinor and partners begin production from Norwegian Sea’s Trestakk field

17/07/2019 08:32:00

Equinor Energy and its partners ExxonMobil and Vår Energi have started production from the Trestakk field in the Norwegian Sea on time and under budget.

READ MORE