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

news

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 (20.03.2019): EU carbon prices fell by more than 3% on Tuesday, due to a bearish energy complex and continued Brexit uncertainty

20/03/2019 10:12:00

Crude prices diverged slightly on Tuesday. On one side, prices were supported by OPEC-led supply cuts OPEC. On the other side, rising U.S. output put pressure on the market. Brent crude edged 0.1% higher at $67.61 a barrel, while WTI crude traded 0.1% lower at $59.03 a barrel.

<READ MORE

UK offshore oil and gas production up by a fifth over past five years

20/03/2019 10:02:00

UK offshore oil and gas production has increased by a fifth over the past five years, following 14 years of decline.

READ MORE

Ofgem backs 600MW Shetland grid link

20/03/2019 09:57:00

UK energy regulator Ofgem said is it minded to approve construction of a 600MW subsea interconnector from Shetland to mainland Scotland to support renewables expansion.

READ MORE