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Daily: European forward power prices decline on weak fundamentals
Crude oil prices settled down on Wednesday and continued to decline in the post-settlement trade on worries about an intensifying oversupply kept crude under pressure this week, compensating recent views that falling U.S. production would spur prices. WTI crude shed 2 cents to close at $46.64. Global crude benchmark Brent eased 9 cents to close at $49.15 then declined 46 cents in post-settlement trade.
read more... 15/10/2015
Daily: Crude oil prices reverse early gains on IEA oversupply concerns
Crude oil prices reversed earlier gains and settled lower on Tuesday after the International Energy Agency (IEA) renewed fears that the market remains oversupplied. U.S. crude closed at $46.66 per barrel, down 0.93 percent, or 44 cents, slashing previous gains over a dollar on technical trades. Brent futures for November delivery settled at $49.24 per barrel, falling 1.24 percent, or 62 cents. Brent futures were above $50 in earlier trading.
read more... 14/10/2015
Daily: European spot power prices up on colder weather, weak wind supply
Crude oil prices declined on Monday, falling 5 % as traders took profits after last week’s hike to an 11-week high and report that OPEC kept on to increase production despite a continuous oversupply. Both Brent and U.S. crude futures recorded the largest percentage losses since the start of September with the North Sea crude slipping $2.79 at $49.86 and West Texas Intermediate declining $2.53 at $47.10. OPEC slashed its estimate of 2016 world oil demand growth by 40,000 bpd to 1.25 million bpd amid sluggish growth in China.
read more... 13/10/2015
Daily: Brent crude registers a 9% hike for the week on PIRA forecast
Brent crude posted a 9.1% hike for the week, while U.S. crude gained 8.8%, registering their biggest weekly percentage gains since late August. The oil boost was spurred after forecaster PIRA Energy Group prognosticated crude prices would soar to $70 per barrel by the end of 2016.
read more... 12/10/2015
Russia approves energy sector tax increases in 2016
Russia's government has approved plans to raise its mineral extraction tax (MET) on energy giant Gazprom and keep unchanged an oil export duty calculation mechanism next year, as declared by First Deputy Prime Minister Igor Shuvalov on Thursday.
read more... 09/10/2015