Daily (11.08.2017): Oil prices fell by around 2% on Thursday on U.S. and North Korea tensions

11/08/2017 11:18 Daily


Oil prices fell on Thursday, pushed lower by a nervous market starting to doubt recent falls in inventories. Libyan production hit in July its highest level for the year. Investors were also concerned of the tensions between the U.S. and North Korea. Brent fell by 1.52% to close at $51.90 a barrel, while WTI price decreased by almost 2% to end at $48.59 a barrel. 


British NBP spot contract price dropped by around 0.6% on Thursday to 42.35 p/therm due to increased flows from Norway. Further along the curve, most gas contracts were traded 1%-1.3% higher, supported by the planned outage at Hornsea gas storage from Aug. 28 until Sep. 18, expected to reduce the daily withdrawal capacity. The Winter 2018 gas contract surged by 0.8% to 48.47 pence per therm.


European spot electricity prices were mixed on Thursday. German spot price grew by 6.25%, boosted by weak solar output, to settle at 37.73 euros/MWh. Meanwhile, French power contract tumbled by 1% to settle at 35.18 euros/MWh. Forward contracts hit new 2-1/2-week highs on Thursday, driven by gains in carbon and oil markets. The German Cal 2018 benchmark price rose by 0.73% to 31.85 euros/MWh, while the less liquid French Cal 2018 power contract edged up by 0.83% to close at 37.46 euros/MWh.


EU carbon prices closed flat on Thursday, for the second time in a week. A strong auction led to an increase in the price, further declining as rising coal prices hurt utility margins. The EUA Cal 2018 ended at 5.41 euros/ton, while the EUA 2020 contract settled at 5.56 euros/ton.

UK prepares a scheme for domestic nuclear safeguards

18/09/2017 17:01:00

As UK is preparing to exit European Union, it has planned a domestic nuclear safeguards regime, proving its responsibility of a nuclear state. The withdrawal from Euratom will not lead to poorer safeguards standards and oversight in the nation, as announced by the UK secretary of state for Business, Energy and Industrial Strategy. 


Azerbaijan: The deal to extend oilfield to 2049 signed by BP-led partners and SOCAR

18/09/2017 11:40:00

A deal has been signed between the Azerbaijan government, the State Oil Company of Azerbaijan (SOCAR) and BP-led partners for the Azeri, Chirag, and deepwater Gunashli field (ACG) in the Caspian Sea.


Daily (18.09.2017): British gas contracts dipped on Friday due to weaker energy complex

18/09/2017 10:57:00

Oil prices were firm on Monday and stayed close to multi-month peaks hit late last week as the number of U.S. rigs drilling for new output fell and due to the restart of the refineries after Hurricane Harvey.