Daily (11.12.2018): Oil prices lost around 3% on Monday, on doubts that OPEC-led output cuts will be enough to support the market

11/12/2018 11:45 Daily

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On Monday, oil prices turned bearish on fears about global stock markets and doubts that OPEC-led production cuts will be enough to support the market. Brent crude dropped by 2.8% to settle at $59.97 a barrel. At the same time, WTI crude lost 3.1% to $51 a barrel.

An outage at Norway's Oseberg gas field boosted gas prices on Monday, with NBP spot price up by 3.4% at 63.1 p/therm. On the curve, forecasts for lower temperatures also weighed down on prices. Thus, the Summer 2019 delivery contract ended 1.5% up at 56.23 p/therm.

 

European day-ahead power prices hiked on Monday, on forecasts for cooler weather, higher demand and weaker wind generation. The power price for Tuesday delivery in Germany jumped by 366.5% to 55.37 EUR/MWh. Meanwhile, the French spot contract gained almost 114% to 62.32 EUR/MWh, on reduced nuclear availbility.

 

Further along the electricity curve, prices followed the upward evolution in gas and carbon markets. The French year-ahead contract ended at 57.88 EUR/MWh, or 0.9% higher. The German equivalent Cal’19 contract traded 1% up at 52.6 EUR/MWh.

 

European carbon prices continued their bullish run on Monday, following the UK Prime Minister Theresa May’s statement about the postponement of the vote on Brexit. The price for carbon contract expiring in 2021 surged by 2.7% to 22.48 euros a tonne.

Daily (14.01.2019): Oil prices down by around 2% on Friday on concerns over global economic growth

14/01/2019 11:57:00

Oil prices lost nearly 2% as the recent pessimistic economic data added to persisting worries about global economic growth. Nevertheless, oil markets posted gains on a weekly basis, due to OPEC-led output cuts and expectations for progress in U.S.-China trade talks. Brent crude fell by around 2% to $60.48 a barrel, while WTI futures settled about 2% down to $51.59 a barrel.

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Russia’s coal exports, production hit 5-year high in 2018

14/01/2019 09:26:00

Russia’s production and exports of coal hit last year their highest levels since 2013, according to Platts estimates of data from Russia’s Energy Ministry.

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Trans Adriatic Pipeline secures €3.9bn project financing

14/01/2019 09:20:00

The Trans Adriatic Pipeline, which will be laid between the Turkish-Greek border and Italy, aims to bring Caspian natural gas from the giant Shah Deniz II field in Azerbaijan to Europe. The pipeline will also have a subsea section of 105km in the Adriatic Sea.

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