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Daily: European forward power prices at record lows as oversupply worries crippled oil prices
U.S. crude oil prices plummeted below $27 dollars a barrel on Wednesday for the first time since 2003, dragged down by a wide decline across financial markets, with traders being concerned that the supply glut could persist for longtime. WTI crude for February delivery, which expired at the end of the day, shed $1.91, or 6.7 percent to settle at $26.55. New front-month March futures dropped nearly 4 percent on the day to close at $28.35 a barrel. Brent futures for March delivery lost 88 cents to close at $27.88 a barrel, a 2.7 percent decline after retiring from a new contract low of $27.10.
read more... 21/01/2016
China’s oil consumption hiked 2.5% in 2015 despite economic slowdown
China’s oil consumption bounced 2.5% in 2015 on strong gasoline and kerosene demand, despite a slowing economy and declining demand for other commodities such as coal and steel.
read more... 20/01/2016
EU agrees to develop European grid to reduce need for Russian gas
EU member states on Tuesday approved a plan to invest over 200 million euros ($217 million) in cross-border energy infrastructure projects intended to aid reduce dependence on Russian gas.
read more... 20/01/2016
Hitachi establishes new firm for UK nuclear project
Japan’s Hitachi has made known about the establishment of a new UK firm for a nuclear power project.
read more... 20/01/2016
Daily: Brent crude recovers from 12-years lows on record Chinese demand
Brent crude recovered on Tuesday from 12-years lows after figures indicated record demand in China, but the fears about oil oversupply put a lid on global gains and sent WTI crude down to its weakest level since 2003. Brent rose 0.7 percent or 21 cents to settle at $28.76 a barrel. It traded as high as $30.24, rebounding from $27.67 on Monday, its lowest level since November 2003. U.S. crude closed at $28.46 a barrel, down 96 cents or 3.26 pct, at its weakest point since September 2003.
read more... 20/01/2016