Daily (20.08.2019): Brent crude surged by around 2% on Monday on worries about global oil supplies

20/08/2019 11:19 Daily

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Crude oil prices rose on Monday after Yemen’s Houthi forces used a drone to attack an oilfield in eastern Saudi Arabia on Saturday, threatening global oil supplies. Brent crude added $1.1, or 1.9% to settle at $59.74 a barrel. WTI futures gained $1.34, or 2.4% to end at $56.21 a barrel.

A mixed trend in gas prices was noticed on Monday. NBP spot edged 0.2% higher at $26.45 p/therm, on prospects for a drop in wind power generation and stronger gas-for-power demand. Meanwhile, prices on the curve were bearish due to an oversupplied system. The contract for delivery in Q4 19 closed 2.6% lower at 42.44 p/therm.

 

European power prices were bullish on Monday. Prompt electricity prices increased due to lower wind output and rising demand. The German day-ahead power price boosted by 51.8% to 39.80 euros/MWh. At the same time, the French spot electricity price jumped by 43.4% to 34.60 euros/MWh.

 

Further along the curve, contracts had an upward evolution on Monday, tracking gains in carbon and fuels market. The German year-ahead power contract settled 0.6% higher at 48.77 euros/MWh. The French equivalent contract ended 0.3% up at 50.42 euros/MWh.

 

EU carbon prices rebounded from earlier losses on Monday, due to stronger auction demand. The 2019-expiry contract traded 2.3% higher at 26.56 EUR/tonne.

Russia Ready To Seize Control Of The World's Largest Oil Reserves

18/10/2019 15:40:00

The Venezuelan government is readying to hand over control over state oil company PDVSA to Russia’s Rosneft, a local newspaper has reported, citing sources from the industry.

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Natural gas inventories surpass five-year average for the first time in two years

18/10/2019 15:38:00

Working natural gas inventories in the Lower 48 states totaled 3,519 billion cubic feet (Bcf) for the week ending October 11, 2019, according to the U.S. Energy Information Administration’s (EIA) Weekly Natural Gas Storage Report (WNGSR). This is the first week that Lower 48 states’ working gas inventories have exceeded the previous five-year average since September 22, 2017. Weekly injections in three of the past four weeks each surpassed 100 Bcf, or about 27% more than typical injections for that time of year.

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Daily (18.10.2019): EUAs nearly 1% off a fresh three-week high on Thursday, amid growing uncertainty over the fate of the new Brexit deal

18/10/2019 10:29:00

Crude oil prices extended gains on Thursday after data pointed at a fall in the U.S. fuel stocks. Higher freight rates from Chinese shipping firm COSCO coupled with news about a new Brexit deal agreed between the UK and the EU also supported prices. Still, gains were capped by demand concerns in the wake of a larger-than-forecasted build in the U.S crude inventories and a string of poor economic data. Consequently, Brent crude inched up by 0.8% at 59.91 USD/bbl, while WTI futures added 1.1% to end at 53.93 USD/bbl.

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