Daily (19.10.2017): Brent crude price hit $58.15 a barrel on Wednesday, or a 3-week high

19/10/2017 10:52 Daily

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Oil prices surged on Wednesday with Brent reaching 3-weeks high and then retreated after a surprising drop in U.S. refining rates and an unexpected build in U.S. fuel stocks. Nevertheless, the overall trend was bullish, as Iraq Kurdistan's oil exports more than halved after Iraq military operation. Another threat to oil supply is the ongoing dispute between the U.S. and Iran. President Donald Trump last week refused to certify Iran's compliance with a nuclear deal, leaving Congress 60 days to decide further action.

 

Brent crude edged $0.27, or 0.5%, up at $58.15, meanwhile the WTI price grew by 0.3% to $52.04 a barrel.

British wholesale gas prices rose on Wednesday, as lower imports from Norway led to a slightly undersupplied system and buyout most of the curve prices. NBP spot gas price closed 1.8% up at 45.5 p/therm. Further along the curve, the Winter 2018 delivery contract settled 0.8% higher at 50.36 p/therm.

 

European prompt electricity prices for day-ahead delivery slipped on Wednesday. German spot price lost almost 12% of its value to end at 46.35 euros/MWh, weighed down by forecasts of higher power generation from wind and solar sources in Germany. French spot price remained steady at 57.04 euros/MWh, as French nuclear power availability fell after EDF's Civaux 1 reactor was halted for maintenance. Prices on the forward curve were bullish. The German and French Cal 2018 power contracts ended around 1% higher at 36.82 euros/MWh and at 42.65 euros/MWh respectively.

 

European carbon prices increased by over 5% on Wednesday to their highest levels since January 2016 in response to the power markets trends, supported by French nuclear outages. December 2018 expiry contract ended at 7.84 euros/ton, while the EUA contract expiring in 2020 settled at 8.01 euros/ton. 

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.

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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.

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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.

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