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.

Russia aims strategic energy partnership with China

21/11/2017 16:13:00

Russian oil giant Rosneft has signed an agreement with Chinese company CEFC Energy, aiming crude oil supply. The accord is based on a long-term deal inked between parties earlier. The delivery will start next year.


The boost of low-cost renewables changes EU energy expectations for 2030

21/11/2017 13:54:00

The accelerated fall in wind and solar energy costs, and flexible demand technology could substitute more than 50% of coal and gas generated electricity in Europe by 2030, as indicated in a recent research published on Tuesday.


Bosnia inks a 60-million-euro loan agreement with KfW bank for Hrgud wind farm

21/11/2017 11:32:00

Bosnia's finance minister Vjekoslav Bevanda inked an agreement with German development bank KfW on Wednesday to financially back the construction of the Hrgud 48 MW wind farm. The loan is estimated at 60 million euros ($69.6 million). ​​​​​​​