Daily (11.10.2018): WTI crude dropped by 2.4% on Wednesday as forecasts for lower economic growth curbed the demand for oil

11/10/2018 11:01 Daily

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Oil crude prices slipped on Wednesday as the International Monetary Fund (IMF) mitigated its global growth projections in its latest World Economic Outlook report, reducing the demand for oil. However, the losses were capped as Hurricane Michael led to the shutdown of roughly 40% of Gulf of Mexico’s crude oil production. 

 

Brent crude closed at $83.09 a barrel, representing a 2.3% loss. WTI crude tumbled by 2.4% to settle at $73.17 a barrel.

British wholesale gas prices were slightly bearish on Wednesday, as higher temperatures and stronger wind generation curbed demand for natural gas for heating. Consequently, NBP spot price dipped by 2.5% to 65.70 p/therm. Further along the curve, the price for 2019 delivery contract traded 2.7% lower at 65.61 p/therm. 

 

European spot power prices lost ground on Wednesday.  German day-ahead power price slumped by 12.6% to end at 54.35 EUR/MWh, on expectations for lower consumption. Meanwhile, the equivalent contract in France lost 4% to end at 65.31 EUR/MWh, in spite of outages at  EDF’s 1,500 MW Chooz 1 nuclear reactor starting Thursday and lasting until October 22nd.

 

There was also a bearish trend in electricity prices on the curve, tracking the downward evolution in carbon emissions, gas and coal markets. The German baseload 2019-delivery contract traded 3.6 % lower at 53.27 EUR/MWh. Meanwhile, the French equivalent contract settled at 57.61 EUR/MWh, posting a 3.4 % loss.

 

European carbon contracts dropped further on Wednesday in another volatile session, closing below €20 for the first time this month, thus hitting a three-week low. The price for the contract expiring in 2019 plummeted by 7% to reach 20.20 euros a tonne.

Daily (16.11.2018): UK gas prices jumped by over 3% on Thursday: cold weather, strong demand

16/11/2018 10:02:00

Oil prices rose slightly on Thursday, reversing previous losses, as trade disputes between China and the US are likely to ease. Nevertheless, market sentiment remained cautious because of worries that a supply glut might still happen amid a glum economic outlook. Brent crude futures gained 0.8% to settle at $66.62 a barrel. WTI crude was 0.4% up at $56.46 a barrel.

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BP plans to spend over $1bn in Egypt in 2019

16/11/2018 09:16:00

BP is planning to spend more than a billion dollars on its assets in Egypt in the coming year. According to Bob Dudley, BP chief executive, the company will spend $1.8 billion in Egypt and an additional $1 billion annually in Abu Dhabi on new discoveries and licensing rounds as it looks to expand its operations in the Middle East.

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Enagás-led LNG-fueling project gets EU funding

16/11/2018 09:12:00

Spanish LNG terminal operator, Enagás, informed the LNGHIVE2 project has been granted funding by the European Commission through its Connecting Europe Facility.

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