Daily (05.06.2020): Oil prices steady on Thursday despite OPEC meeting uncertainty

05/06/2020 10:42 Daily


Crude oil futures were little changed on Thursday as the delay of the OPEC+ meeting added uncertainty to whether the producers would agree to extend production cuts by 9.7 million bpd into the second half of 2020. Hence, Brent crude for August delivery rose by 0.5% to settle at $39.99 a barrel, continuing to push for $40 per barrel. At the same time, U.S. WTI crude added 0.3% to close at $37.41 a barrel.

Colder weather forecasts and lower LNG supplies boosted the near-term British gas prices. As a result, the gas price for July 2020 delivery surged by 5.3% to 12.79 p/therm. On the curve, the gas price for year-ahead delivery increased by 1.4% to 32.72 p/ther, tracking higher oil prices.

European spot electricity prices lost ground on Thursday amid expectations for higher wind energy generation in Germany and stronger nuclear availability in France. The German day-ahead power fell by 8.5% to 24.30 EUR/MWh, while the equivalent power contract in France plunged by 21% to 17.85 EUR/MWh.

Year-ahead power prices were rather flat, with the German Cal’21 power contract 0.3% down at 38.17 EUR/MWh and the French Cal’21 power at 46.00 EUR/MWh.

EUAs expiring in 2021 rose by 0.6% to 22.56 EUR/tonne on Thursday despite tepid demand for emissions certificates and weaker coal.

Daily (07.07.2020): The German Cal’21 power climbed to a 20-week high on Monday, keeping the pace with EUAs above 30 Eur

07/07/2020 11:11:00

Crude oil futures edged higher on Monday, supported by a string of data showing an economic recovery across the globe and amid improving OPEC+ compliance. However, oil continued to be pressured by the surging coronavirus cases. Hence, Brent crude from September delivery rose by 0.7%, or 30 cents, to settle at $43.10 a barrel. At the same time, U.S. WTI crude settled at $40.63 a barrel, up 1% day-on-day.


Equinor leads clean hydrogen plus CCS project in UK

07/07/2020 09:45:00

Norwegian state-controlled energy company Equinor ASA last week announced it is leading a project in the UK that combines hydrogen production and carbon capture and storage (CCS).


Enagas and BP partner on LNG, CNG as fuel in Spain

07/07/2020 09:36:00

Enagas and a unit of BP have teamed up to promote the use of LNG and CNG as fuel for the transport sector in Spain as part of a move to reduce emissions.