Daily (03.07.2020): Brent and WTI settled on Thursday at their highest levels since March amid lower U.S. unemployment rate

03/07/2020 09:49 Daily


Crude oil futures posted a second consecutive day of gains on Thursday, with Brent and WTI hitting their highest levels since March 6, after a decline in U.S. unemployment rate and a sharp drop in crude stockpiles earlier this week. Hence, Brent crude for September delivery soared by $1.11, or 2.64%, to settle at $43.14 per barrel. At the same time, U.S. WTI crude edged 83 cents higher, or 2.08%, to end at $40.65 per barrel.

A well supplied system due to higher flows from Norway weighed on British near-term gas prices on Thursday, with NBP spot 5.5% down at 14.50 p/therm. Further on the curve, prices increased in tandem with oil prices, with the gas price for Q1 2021 delivery trading 0.8% higher at 37.17p/therm.

German and French spot electricity prices decreased sharply on Thursday, dragged down by robust renewable and nuclear supply, as well as by weaker demand before weekend. Consequently, the German day-ahead power price dipped by 10.2% to 34.93 EUR/MWh, while the price for the equivalent contract in France dived by 6% to 36.57 EUR/MWh.

Year-ahead power prices posted minor losses, tracking lower carbon prices. Thus, the German Cal’21 power and the French Cal’21 contracts declined slightly by 0.2% to trade at 41.77 EUR/MWh and 48.44 EUR/MWh respectively.

EUAs expiring in 2021 retreated on Thursday, but extended the previous session’s 11-month high, despite a robust supply injection over the rest of the year. As a result, EUAs expiring in 2021 lost 1.3% at 27.66 EUR/tonne.

Daily (27.07.2020): European CO2 prices dropped by over 3.5% on Friday, due to falling equity markets and weak auction activity.

27/07/2020 10:09:00

Oil prices added slight momentum on Friday, supported by Euro zone business activity growth in July. In this context, the International benchmark, Brent crude settled 0.1% higher at $43.34 a barrel. Similarly, WTI crude rose by 0.5%, to settle at $41.29 a barrel, due to a rise in U.S. business activity to a six-month high in July.


UK’s OVO signs tech sharing deal with energy giant Eni

27/07/2020 09:52:00

Under the deal, Eni gas e luce will use the Kaluza digital platform used by OVO, which allows suppliers to see real time data on customer energy consumption


Iberdrola to build green hydrogen plant in Spain, finds off-taker

27/07/2020 09:43:00

Iberdrola SA has announced it will build a solar-plus-storage system and a 20-MW electrolyser for the production of green hydrogen in the industrial city of Puertollano, Spain.