Daily (11.12.2018): Oil prices lost around 3% on Monday, on doubts that OPEC-led output cuts will be enough to support the market

11/12/2018 11:45 Daily

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On Monday, oil prices turned bearish on fears about global stock markets and doubts that OPEC-led production cuts will be enough to support the market. Brent crude dropped by 2.8% to settle at $59.97 a barrel. At the same time, WTI crude lost 3.1% to $51 a barrel.

An outage at Norway's Oseberg gas field boosted gas prices on Monday, with NBP spot price up by 3.4% at 63.1 p/therm. On the curve, forecasts for lower temperatures also weighed down on prices. Thus, the Summer 2019 delivery contract ended 1.5% up at 56.23 p/therm.

 

European day-ahead power prices hiked on Monday, on forecasts for cooler weather, higher demand and weaker wind generation. The power price for Tuesday delivery in Germany jumped by 366.5% to 55.37 EUR/MWh. Meanwhile, the French spot contract gained almost 114% to 62.32 EUR/MWh, on reduced nuclear availbility.

 

Further along the electricity curve, prices followed the upward evolution in gas and carbon markets. The French year-ahead contract ended at 57.88 EUR/MWh, or 0.9% higher. The German equivalent Cal’19 contract traded 1% up at 52.6 EUR/MWh.

 

European carbon prices continued their bullish run on Monday, following the UK Prime Minister Theresa May’s statement about the postponement of the vote on Brexit. The price for carbon contract expiring in 2021 surged by 2.7% to 22.48 euros a tonne.

Daily (20.06.2019): NBP spot tumbled by more than 10% on forecasts for stronger LNG supply and warmer weather

20/06/2019 10:53:00

Calmer U.S equity markets led to a decline in oil prices on Wednesday. Brent crude ended 32 cents, or 0.5%, down at $61.82 a barrel. Meanwhile, WTI futures lost $0.14, or 0.3%, to close at $53.76 a barrel.

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Reabold Resources and partners discover massive onshore gas field in UK

20/06/2019 09:54:00

Reabold Resources and its partners Union Jack Oil and Rathlin Energy have announced the discovery of what could potentially be the UK’s largest onshore gas field.

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Norway seeks to open areas to hold up to 3.5 GW of floating wind

20/06/2019 09:50:00

Norway’s Ministry of Petroleum and Energy will consider opening two offshore areas for applications to build floating wind parks with a total potential capacity of up to 3.5 GW, it announced today.

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