Latest news

Daily (15.08.2019): European spot power prices plummeted by over 21% on Wednesday, amid low demand due to a public holiday in the region and surging wind output

Crude oil prices reversed earlier gains on Wednesday, amid disappointing economic data in China and the Eurozone, particularly in Germany, worsening the crude demand outlook. A surprise increase in the U.S. crude inventories added to the bearish market sentiment. In addition, traders were focused on profit taking after Tuesday’s rise. As a result, Brent crude fell by 3% to $59.48 a barrel, while WTI futures dropped by 3.3% to $55.23 a barrel.

read more... 15/08/2019

news

Daily (14.08.2019): Crude oil prices soared by nearly 5% on Tuesday, bolstered by the U.S. tariff delay on Chinese products

The U.S. announcement on Tuesday about the 10% tariff delay for certain Chinese products spurred the biggest daily percentage gain in crude oil prices since December. Prices were also boosted by an expected decline in the U.S. crude inventories and Saudi Arabia’s firm intention to support OPEC-led supply cuts. Against that bullish background, Brent crude spiked by 4.7% to $61.30 a barrel, while WTI futures surged by 4% to $57.10 a barrel.

read more... 14/08/2019

news

Daily (13.08.2019): European carbon prices slumped by over 5% on Monday amid a weaker auction

Oil prices remained bullish on Monday, on expectations for deeper cuts of global oil supplies that might counterbalance the slowing growth of global crude demand driven by the U.S.-China trade dispute. Brent crude traded 0.1% up at $58.57 a barrel. At the same time, the ongoing tensions between the U.S. and Iran, along with a weakening dollar, pushed the WTI futures 0.8% higher at $54.93 a barrel.

read more... 13/08/2019

news

Daily (12.08.2019): European spot power prices plummeted by nearly 70% on Friday due to a surge in renewables output

Oil prices continued to climb on Friday, in response to weaker Euroilstock data, which showed a decrease in the total crude and product inventories of 16 European countries in July. Prices also drew support from OPEC supply cuts and Saudi Arabia’s commitment to bring the oil market back to balance. Hence, Brent crude rose by 2% to $58.53 a barrel. Concurrently, WTI futures surged by 3.7% to $54.50 a barrel, on lower production growth forecasts after U.S. drillers slashed the active oil rig count for a sixth straight week.

read more... 12/08/2019

news

Daily (09.08.2019): Oil prices rebounded by nearly 3% on Thursday, due to a firmer yuan and hopes for additional OPEC output cuts

Oil prices strengthened on Thursday, rebounding from an earlier low, after Saudi Arabia showed readiness to discuss with other producers about the recent slump in crude prices. The prospect of additional output cuts from OPEC, coupled with a steadying yuan, supported prices. As a result, Brent crude rose by 2.1% to $57.38 a barrel. At the same time, WTI futures spiked by 2.8% to $52.54 a barrel, boosted by a fall in inventories at Cushing, Oklahoma, in the week to August 6.

read more... 09/08/2019

news