Daily (21.01.2021): Oil prices edged higher on Wednesday with the inauguration of the 46th US President

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Daily (21.01.2021): Oil prices edged higher on Wednesday with the inauguration of the 46th US President

21/01/2021 10:46 Daily

On Wednesday, Joe Biden was sworn in as the 46th President of the United States. His climate change policies raised hopes for restricted U.S. crude supply, thus lending support to crude oil prices. As such, Brent oil edged 0.3% higher at $56.08 a barrel, while WTI crude gained 0.6% to $53.31 a barrel.

British near-term gas prices lost ground on Wednesday, weighed by a healthy supply. At the same time, forecasts for colder weather in February helped limit losses. As such, the front-month NBP gas contract slipped by 0.6% to 57.44 p/therm. Contracts on the curve were also bearish yesterday, despite a slight increase in oil prices. NBP Cal’22 gas contract traded 0.4% lower at 44.21 p/therm.

European day-ahead power prices slumped on Wednesday, weighed by high wind generation and mild weather conditions. Moreover, an increase in French nuclear availability also put pressure on prices. Consequently, the German spot power price tumbled by 17.1% to 30.07 EUR/MWh and its French counterpart dropped by 15.3% to 41.60 EUR/MWh.

Contracts on the curve ended higher, despite weaker carbon prices. As such, the German and French Cal’22 power contracts traded 1.2% higher at 50.19 EUR/MWh and 51.46 EUR/MWh respectively.

Carbon EUAs edged lower on Wednesday amid a volatile energy market. Trading data revealed a drop in long-term positions yesterday. As a result, the CO2 contract expiring in December 2022 lost 0.5% to close at 33.12 EUR/tonne.

Daily (03.03.2021): Oil prices tumbled to two-week lows on Tuesday amid expectations that OPEC will boost output

03/03/2021 10:37:00

Crude oil prices remained on the back-foot for the fourth consecutive day on Tuesday amid expectations that OPEC+ producers will ease supply curbs at their meeting later this week as the global oil demand shows signs of recovery from the coronavirus pandemic. Hence, Brent crude dropped by 99 cents, or 1.6%, to settle at $62.70 a barrel, its lowest close since Feb. 12. U.S. WTI crude fell by 89 cents, or 1.5%, to $59.75, its lowest settlement since Feb. 19.

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03/03/2021 09:10:00

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Global CO2 emissions rising again after nearly 6% fall last year

03/03/2021 09:07:00

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