Daily (15.09.2017): Brent hit a five-month high settling at $55.47 a barrel

15/09/2017 10:50 Daily


Oil prices hiked on Thursday, with Brent closing at a five-month high, after several reports predicted a further tightening of the market as fuel demand increased. 

Brent crude price gained 31 cents, or 0.6 percent, to end at $55.47 a barrel, its peak level since April 13. U.S. West Texas Intermediate crude settled 59 cents, or 1.2 percent, up at $49.89, its highest close since July 31.

British spot gas prices dropped on Thursday due to an oversupplied system. Further along the curve, gas contracts soared following increased European gas, coal, carbon and power prices. NBP spot price fell 0.7% to end at 47.35 p/therm, while October delivery contract traded 1% higher at 46.47 p/therm.

European spot power prices increased on Thursday encouraged by a sharp decline in wind power production, while contracts for next-year delivery prolonged their rally to a fresh 3-1/2 year high tracking gains in fuel and carbon prices. 

The German Cal'18 benchmark contract hit its highest level since February 2014 in early trade, surging by 1.9% to end at 36.55 euros/MWh. The less liquid French equivalent contract added 1.6% to 42.78 euros/MWh.

In the spot market, the baseload German prompt electricity price for Friday delivery jumped 54 percent to close at 35.03 euros/MWh. The French spot hiked by 29% to 37.91 euros/MWh.

European carbon contracts traded slightly lower on Thursday afternoon to end flat after a volatile session that saw prices hike by almost 9% to a fresh 20-month high on an increasing energy complex and ETS reform talk progress. 

Daily (19.07.2018): UK gas prices boosted by around 2% on Wednesday, due to strong demand and lower supplies

19/07/2018 13:41:00

Oil prices surged on Wednesday, as U.S. government data pointed out stronger demand for gasoline and distillates. Brent crude climbed 1% higher to end at $72.90 a barrel. Meanwhile, WTI crude also hiked by 1% to $68.76 a barrel, even though U.S. oil production hit a new record of 11 million barrels per day.


EU and Ukraine in tug of war over Naftogaz unbundling

19/07/2018 09:46:00

The European Commission has repeated its insistence on breaking up the Ukrainian national gas and oil monopoly Naftogaz, separating transmission from production and supply, which the country had agreed to as a condition for receiving massive Western financing. Vice President Maroš Šefčovič, in charge of the EU’s Energy Union, is in talks in Berlin with Russian and Ukrainian counterparts to try to solve disputes over future Russian gas shipments via Ukraine.


Investment in new nuclear declines to five-year low

19/07/2018 09:39:00

Global energy investment fell for the third consecutive year in 2017, according to the International Energy Agency (IEA). Investment in nuclear power declined by nearly 45% last year to USD17 billion. Although spending on new reactors reached the lowest level in five years, investment on upgrades of existing units increased.