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Daily: Crude oil soars from 12-year low as OPEC pledges to cut output
Global oil prices soared as much as 12 percent on Friday after the release of a report indicating OPEC might finally agree to slash production to curb the oversupply. WTI crude's front-month boosted $3.23, or 12.3 percent, to close at $29.44 per barrel, attaining a session high of $29.66. It reached a 12-year low of $26.05 the previous day. For the week, it declined 4.7 percent. Brent rose by $3.30 to settle at $33.36 a barrel, having declined below $30 on Thursday. Weekly losses retired to 2 percent.
read more... 15/02/2016
Daily: European electricity forward prices at fresh lows, carbon market depressed
Oil prices rose by around 5 percent on Friday after comments by the energy minister of OPEC-member United Arab Emirates sparked hopes of a coordinated output reduction, yet analysts declared such a move remained improbable and that oversupply would continue.
read more... 12/02/2016
French energy law might shut down third of EDF
France's energy transition law could oblige state-controlled utility EDF to shut down around a third of its 58 nuclear reactors by 2025, the state audit office declared in its yearly report on Wednesday. The Cour des Comptes predicts that the projected reduction of the share of nuclear in French energy output to 50 percent by 2025 from over 75 percent now might lead to the closure of 17 to 20 reactors if electricity consumption and exports stay at present levels.
read more... 11/02/2016
Daily: European electricity spot prices soar on higher consumption in France, lower wind power output
WTI crude prices declined 2 percent on Wednesday as inventories at the main U.S. delivery point at Cushing, Oklahoma touched record highs following production cuts at refineries, while Brent boosted for the first time in five days on global production reduction outlook. U.S. crude eased 49 cents, or 1.8 percent, to close at $27.45 a barrel. It soared more than $1 earlier before plunging to near 12-year lows on the EIA data. Brent crude rose 52 cents, or 1.7 percent, to settle at $30.84 a barrel. It was Brent's first increase since February 2.
read more... 11/02/2016
Daily: European prompt power price soar amid lower wind and solar output
Crude oil tumbled 2% in volatile trading on Thursday, as support from a depreciating dollar was eclipsed by speculation about possible talks the Organization of the Petroleum Exporting Countries and other oil producers to jointly cut output. Brent futures declined 1.6 percent, or 58 cents, to settle at $34.46 a barrel, after fluctuating between $34.15 and $35.84. WTI crude also ended lower, down 56 cents, or 1.7 percent, at $31.72 after swinging between $31.53 and $33.60.
read more... 05/02/2016