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Daily (16.09.2020): Oil prices ended higher on Tuesday as Hurricane Sally disrupted Gulf of Mexico energy production
Crude oil futures rebounded on Tuesday, buoyed by rising Chinese industrial production and Hurricane Sally which curbed the supply in the Gulf of Mexico. However, bearish forecasts for the energy demand released by the IEA helped to limit the upside for oil prices. Hence, Brent crude for November delivery soared by 92 cents, or 2.3%, to settle at $40.53 a barrel. Meanwhile, U.S. WTI crude for October delivery climbed by $1.02, or 2.7%, to settle at $38.28 a barrel. Both contracts fell on Monday.
read more... 16/09/2020
Turkey’s giant gas find worth $80 billion: IEA Head
Around $6 billion investment is necessary to start production from field, IEA Executive Director says
read more... 25/08/2020
Daily (14.08.2020): Oil prices fell by 1% on Thursday amid bearish demand forecasts
Crude oil futures ended lower on Thursday as the International Energy Agency (IEA) lowered its forecast for global oil demand for 2020 and 2021. However, stronger equities and weaker dollar curbed losses. As a result, Brent crude declined by 47 cents, or 1%, to close at $44.96 a barrel, while WTI crude slipped by 43 cents, or 1%, to settle at $42.24 a barrel.
read more... 14/08/2020
Daily (13.07.2020): Crude oil prices jumped by over 2% on Friday, after IEA raised its oil demand forecasts
British gas prices were bearish on Friday as strong wind output put pressure on gas-for-power demand, leaving the system oversupplied. The day-ahead gas price plunged by 8% to 12.65 p/therm. Further along the curve, the Winter 2020 delivery contract ended 1.6% lower at 34.03 p/therm. European spot power prices lost momentum on Friday, driven down by weaker demand forecasts. The price for the German day-ahead power contract plunged by 21.9% to 28.60 EUR/MWh, while the equivalent French contract settled 22.7% lower at 29.38 EUR/MWh. Meanwhile, forward electricity prices lost ground due to weaker gas prices. The price for the German power contract for delivery in 2020 traded 2.2% lower at 42.01 EUR/MWh, while the equivalent French contract settled 1.4% down at 46.94 EUR/MWh. EU carbon prices continued the upward evolution on Friday as buyers continue to increase volumes amid thin selling. The contract expiring in 2021 rose by 1.5% to 29.34 EUR/tonne.
read more... 13/07/2020
Daily (17.06.2020): Oil prices gained more than 3% on Tuesday on forecasts for record rise in demand for 2021
Crude oil futures edged higher in a volatile trading on Tuesday after the International Energy Agency (IEA) revised upwards its oil demand estimate for 2021, while upbeat economic figures in the United States added to the bullish trend. Hence, Brent crude for August delivery climbed by $1.24, or 3.1%, to settle at $40.96 a barrel. At the same time, U.S. WTI crude soared by $1.26, or 3.4% to settle at $38.38 a barrel.
read more... 17/06/2020