Daily (10.07.2020): U.S. WTI crude slipped below $40 on Thursday amid coronavirus concerns, swelling U.S. crude stockpiles

10/07/2020 08:45 Daily


Crude oil futures fell on Thursday, with U.S. WTI crude slipping back below $40 a barrel as rising cases of coronavirus in the U.S. and some other countries, as well as higher U.S. stockpiles threatened to deteriorate the demand for crude. Hence, Brent crude for September delivery dropped by 94 cents, or 2.2%, to settle at $42.35 a barrel on the ICE Futures Europe. At the same time, U.S. WTI crude for August delivery decreased by $1.28, or 3.1%, to settle at $39.62 a barrel on the New York Mercantile Exchange. Both WTI and Brent on Wednesday hit their highest settlements since March 6.

Lower carbon prices, which made coal-fired generation more attractive and healthy supply put pressure on British near-term gas prices on Thursday. Consequently, NBP spot dived by 8.9% to 13.75 p/therm. On the curve, the gas price for year-ahead delivery slipped by 0.8% to 35.67 p/therm, tracking weaker oil prices.

German and French spot electricity prices plunged on Thursday, buoyed by forecasts of a considerable increase in wind power supply. As a result, the German day-ahead power fell sharply by 13.7% to 36.62 EUR/MWh, while the French equivalent contract plummeted by 8.5% to 38.02 EUR/MWh.

Year-ahead power prices posted minor losses, tracking lower fuels and carbon prices. Thus, the German Cal’21 power steadied at 42.94 EUR/MWh, while the similar power contract in France lost 0.3% at 47.59 EUR/MWh.

EUAs expiring in 2021 edged 2.4% lower at 28.92 EUR/tonne amid lawmakers talks to limit speculative trading.

Netherlands set to pick Hollandse Kust North winner

28/07/2020 09:25:00

Dutch government to reveal developer for 700MW offshore wind site on Wednesday


Germany continues viewing Nord Stream 2 as economic project

28/07/2020 09:17:00

The US authorities already held talks with German and European companies involved in construction of the Nord Stream 2 gas pipeline, the German Die Welt paper wrote on Saturday with reference to sources


UK net zero needs 'immediate action' across technology, policy, behavior: Grid

28/07/2020 09:07:00

London — The UK will need over 11 million electric vehicles by 2030 and 30 million by 2040 to achieve net zero greenhouse gas emissions by 2050, according to National Grid's latest future energy scenarios published July 27.