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

09/08/2019 11:15 Daily

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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.

British wholesale gas prices continued to climb on Thursday, in the context of ongoing maintenance works at the Forties oil and gas system offshore Britain and at the Norwegian Troll field. Moreover, the market also anticipated thinner supply ahead of another outage scheduled at the Troll Field later this month. Consequently, NBP spot surged by 3.7% to 27.90 p/therm, while the contract for delivery in Q4 2019 traded 2% higher at 46.19 p/therm.

 

European prompt power prices were mixed on Thursday. The price for the German spot power contract soared by 11.4% to 38.69 EUR/MWh, due to an expected decline in wind generation. On the other side, increased nuclear availability sent the equivalent French contract 13.1% down at 29.02 EUR/MWh.

 

Forward electricity prices turned bullish, in response to firmer fuel contracts and robust carbon prices. The German power contract for delivery in 2020 edged up by 0.4% at 50.45 EUR/MWh, while the price for the equivalent French contract was 1% higher at 52.44 EUR/MWh.

 

EU carbon prices reversed trend to rise on Thursday, supported by a stronger energy complex and amid expectations for a course in the trading activity. As a result, the 2020-expiry contract ended at 28.82 EUR/MWh, gaining 0.9% for the day.

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Daily (18.02.2020): Carbon prices above the €25-threshold amid a bullish wider energy complex

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