Daily (02.10.2020): Oil prices fell to a two-week low on Thursday, posting their first monthly decline since April amid virus fears

02/10/2020 09:34 Daily


Oil prices dipped to a two-week low on Thursday as coronavirus flareup is causing renewed concerns over more lockdown measures, clouding the demand outlook. Moreover, a rise in OPEC output in September added further pressure on oil prices. Hence, Brent crude fell by $1.37, or 3.2%, to settle at $40.93 a barrel. Meanwhile, U.S. WTI crude shed by $1.50, or 3.7%, to close at $38.72 a barrel. In September, Brent lost 9.56%, while WTI 5.61%. This is the first month of decline since April.

A stronger wind power generation outlook and higher imports from Norway dragged down British near-term gas prices on Thursday, with the gas price for day-ahead delivery trading 1.9% down at 33.15 p/therm.


On the curve, the gas price for year-ahead delivery declined by 0.9% to 36.97 p/therm, tracking bearish oil and carbon prices.


European spot electricity prices dropped sharply on Thursday, influenced by higher wind and solar energy generation. Thus, the German day-ahead power dived by 13% to 35.68 EUR/MWh, while the French equivalent power contract plummeted by 12.7% to 38.50 EUR/MWh.


Year-ahead power contracts were bearish, tracking a bearish energy complex. As a result, the German Cal’21 power decreased by 1.4% to 41.05 EUR/MWh, while the similar contract in France settled at 45.92 EUR/MWh, posting a 2.7% loss day-on-day.


EUAs expiring in 2021 shed by 1.6% to 26.72 EUR/tonne on Thursday, pulled down by a poor auction result, worsening prospects for a UK-EU trade pact and a bearish energy complex.

Total delivers its first carbon-neutral LNG cargo

21/10/2020 09:05:00

French energy giant Total said it has delivered its first carbon-neutral liquefied natural gas (LNG) cargo.


Denmark, Germany open 400 MW power cable linking Baltic Sea wind farms

21/10/2020 09:00:00

Germany and Denmark have officially opened the world's first hybrid wind interconnector in the Baltic Sea, grid operators 50Hertz and Energinet.dk said Oct. 20


France awards support to 600 MW renewables and 1.5 GW demand response

21/10/2020 08:55:00

French Minister of the Ecological Transition Barbara Pompili has announced the award of support for 600 MW of renewable energy capacity and acceptance of more than 1.5 GW of demand management capacity for the coming winter.