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

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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.

Daily (12.07.2018): Brent crude plummeted by almost 7% on Wednesday, on news that Libya would increase output

12/07/2018 13:00:00

Oil prices slumped on Wednesday, on concerns of increasing trade tensions between two world’s major economies - United States and China. Brent crude tumbled by 6.9% to $73.40 a barrel, following the news that four ports in Libya would ease back in the game. Meanwhile, WTI crude traded 5% lower at $70.38 a barrel.

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Electric vehicles could lift UK peak power demand by 5-8 gigawatts by 2030: National Grid

12/07/2018 09:58:00

The growing use of electric vehicles could increase peak electricity demand in Britain by between 5 and 8 gigawatts (GW) by 2030, National Grid said on Thursday.

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Gazprom, Uzbekneftegaz discuss Shakhpakhty gas field production

12/07/2018 09:45:00

Russian gas monopoly Gazprom and national holding company Uzbekneftegaz have discussed the bilateral cooperation between the companies, focusing on the joint development of the Shakhpakhty field in the former Soviet republic.

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