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


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.

European gas prices set to slump

19/02/2020 09:09:00

Earlier this month analysts sounded the alarm for European natural gas prices when it turned out that a lot of Asian buyers are turning down LNG cargoes and Europe is taking these in, filling up its storage space. Now, everyone seems to be wondering when prices will bottom out, if they will bottom out at all.


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

18/02/2020 10:08:00

Crude oil futures edged higher on Monday as the coronavirus-related demand worries have been offset by output cuts from major oil producers. Brent crude rose by 35 cents, or 0.6% to settle at $57.67 a barrel. U.S WTI crude increased by 0.5% to end at $52.31 a barrel. However, trading volumes were thin due to the U.S. Presidents’ Day holiday.


ScottishPower announces 100% green electricity tariffs

18/02/2020 09:22:00

Energy supplier ScottishPower has announced that from today domestic fixed-price tariffs will be supplied by 100% green electricity generated by the company’s own UK windfarms.