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.

Daily (17.09.2019): Oil prices jumped by nearly 15% following the attacks on Saudi oil facilities

17/09/2019 11:00:00

Crude oil prices posted its biggest daily gain in over 30 years, following the attack on Aramco crude facilities which led to a in cut Saudi Arabia’s production and intensified concerns of retaliation in the Middle East. According to the news, Aramco may take months to resume normal output volumes. As a result, Brent crude surged by 14.7% to $69.02 a barrel, while WTI futures hiked by 14.6% to $62.90 a barrel.

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Belgian capacity market will lead to oversupply – Anode

17/09/2019 09:25:00

Belgium’s plans to launch a capacity market could lead to an oversupplied system, which will hurt profitability for new and existing power plants, said Anode Energie portfolio manager Kris Voorspools.

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Ofgem gives conditional nod to 220-MW Scottish interconnector plan

17/09/2019 09:19:00

UK energy regulator Ofgem said today it has given the thumbs-up to the construction of a 220-MW high-voltage transmission line that will connect the Orkney Islands with the Scottish mainland.

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