Daily (09.05.2019): WTI futures rose by 1.2% on Wednesday, due to an unexpected drawdown in U.S. crude stockpiles

09/05/2019 11:16 Daily

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Despite worries over the U.S.-Chinese trade negotiations, crude oil prices added ground on Wednesday due to a surprise drawdown in U.S. crude stockpiles. Brent crude edged 0.7% higher at $70.37 a barrel, while WTI futures traded 1.2% up at $62.12 a barrel.

British gas prices posted gains on Wednesday, as colder weather forecasts and lower wind output increased demand. NBP day-ahead price rose by 4.3% to 34.20 p/therm, while on the curve, the contract for delivery in Q4 2019 added 0.7% closing at 52.67 p/therm.

 

European spot power prices soared on Wednesday. The price for the German day-ahead power contract jumped by 14.6% to 45.25 EUR/MWh, due to low wind generation output and colder weather forecasts. Meanwhile, the equivalent French contract traded 16.3% higher at 44.66 EUR/MWh, following a rising demand after the end of a public holiday in the country.

 

Along the curve, electricity prices also posted gains tracking an upward evolution of oil prices. The price for the German power contract for delivery in 2020 rose by 0.9% to 50.00 EUR/MWh, while the equivalent French contract added 1% to close at 52.96 EUR/MWh.

 

EU carbon prices added momentum on Wednesday for the fourth day in a row, being supported by stronger gas and energy markets. The price for the 2020-expiry contract traded 1.9% higher at 27.19 EUR/tonne.

Daily (19.06.2019): WTI futures hiked by 4% on Tuesday, on improved trade negotiations between China and U.S.

19/06/2019 10:29:00

Crude oil prices increased by more than $1 a barrel on Tuesday, ahead of the G20 summit later this month, when China and U.S. will try to negotiate softer trade tariffs. Tensions in the Middle East also lent support to prices. As a result, Brent crude rose by 2% to $62.14 a barrel, while WTI futures closed 3.8% higher at $53.90 a barrel.

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Siemens Gamesa to supply turbines for wind project in Taiwan

19/06/2019 09:28:00

Spanish wind turbine manufacturer Siemens Gamesa Renewable Energy (SGRE) has secured an order to supply turbines for the 376MW Formosa 2 offshore windfarm project in Taiwan.

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SOCAR Turkey finalizes acquisition of EWE Turkey

19/06/2019 09:24:00

SOCAR Turkey completed the takeover of EWE Turkey Holding's subsidiaries Bursagaz, Kayserigaz, Enervis, EWE Enerji and Millenicom, according to a statement from the company on late Monday.

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