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. 

Serbia: Gas imports via Turkish Stream can start in 2019

12/10/2017 15:31:00

Turkey's president Recep Tayyip Erdogan said that starting with 2019, Serbia could get natural gas via Turkish Stream gas pipeline.


Italy: ERG expands in France

12/10/2017 13:34:00

ERG Eolienne France inked a deal to purchase a 75% interest in two French wind farms with a total capacity of 16.25MW from the local firm Vent d'Est for €12.9 million.


French BNP Paribas promises to cease funding shale oil and gas

12/10/2017 11:56:00

The BNP Paribas Group stated its intention to end cooperation with business entities which operate in shale gas or tar sands fields.