Daily (15.05.2020): Crude oil prices rebounded on Thursday amid a less pessimistic oil supply picture unveiled by IEA

15/05/2020 10:40 Daily


Crude oil futures surged on Thursday after the IEA unveiled a tightening supply picture in the second half of 2020. Moreover, an unexpected drop in U.S. crude stocks also lent support to prices. Hence, Brent crude soared by $1.94, or 6.7%, to settle at $31.13 a barrel, while the U.S. WTI crude rallied by $2.27, or 9%, to end at $27.56 a barrel.

Most of the British forward gas contracts gained ground on Thursday, tracking higher oil prices. Consequently, the gas price for year-ahead delivery rose by 1.7% to 32.63 p/therm. However, lower gas-for-power demand due to stronger wind generation put pressure on the NBP spot gas price, which decreased slightly by 0.4% to 12.65 p/therm.

European spot power prices fell on Thursday due to higher wind and solar output forecast in Germany and a rise in French nuclear supply. Consequently, the German spot gas price dipped by 7.5% to 21.08 EUR/MWh, while the price for the equivalent contract in France decreased by 1.6% to 18.62 EUR/MWh.

Year-ahead power prices diverged on Thursday, with the German Cal’21 power price gaining 0.6% at 35.85 EUR/MWh, tracking stronger carbon and coal prices. On the contrary, the French Cal’21 power contract declined by 1% to 43.63 EUR/MWh.

EUAs expiring in 2021 climbed by 0.8% to 19.20 EUR/tonne, influenced by higher energy prices and a rise in demand. 

Daily (06.07.2020) NBP spot plunged by almost 5% on Friday influenced by an upward revision of the French nuclear output.

06/07/2020 10:40:00

Crude oil prices lost momentum on Friday, on renewed fears over global fuel demand as U.S reported a surge in coronavirus cases. Nevertheless, signs of improving global economy and OPEC+ record high supply cuts limited the loss. As a result, Brent crude decreased by 0.8% to $42.80 a barrel. Similarly, WTI futures traded 1% lower at $40.24 a barrel.


Swinoujscie terminal receives 100th LNG shipment

06/07/2020 10:05:00

The Swinoujscie gas terminal in north-western Poland received its 100th liquefied natural gas cargo on Friday. The 90,000 tonnes LNG shipment came from Qatar Liquefied Gas Company Limited (Qatargas) aboard the Al-Safliya LNG tanker.


Russia's Novak sees global oil output cuts easing from August

06/07/2020 09:56:00

Russian Energy Minister Alexander Novak said on Thursday that the OPEC+ group of oil producers is expected to start easing oil output cuts from August as previously agreed.