Daily (21.06.2019): Brent crude price jumped by 4.3% due to a potential military conflict between US and Iran

21/06/2019 11:00 Daily


Oil prices surged on Thursday on worries about a conflict between Washington and Teheran, after Iran shot down a U.S. military drone. Prices were also backed by expectations that Fed would cut interest rates and U.S inventories would weaken. Brent crude rose by 4.3%, or $2.63, to $64.45 a barrel. At the same time, WTI futures added $3.31, or 6.2% to end at $57.07 a barrel.


Most of the British gas prices soared on Thursday due to an undersupplied system. The Winter 2019 delivery contract settled around 1% higher at 50.21 p/therm. However, NBP spot price lost 0.15 pence, or 0.6%, to close at 27.00 p/therm, as higher wind generation weighed on gas-for-power demand.


European power prices were mixed on Thursday. German spot price gained 6.3% to trade at 38.69 euros/tonne, on forecasts for weaker wind and solar generation. At the same time, the French day-ahead power price lost 2.2% to end at 33.89 euros/MWh, as consumption is likely to decline ahead of the weekend.


Further along the curve, European power prices were almost flat. The German Cal 2020 delivery contract inched down by 0.2% at 46.89 euros/MWh. The French equivalent contract traded slightly lower at 49.97 euros/MWh.


European carbon prices were bullish on Thursday due to the recent selling pressure. However, gains were limited by weaker demand. The 2020-expiry contract inched 0.6% higher at 25.41 euros/tonne.

Israeli oil firm underlines faith in North Sea after $2bn expansion move

12/11/2019 10:22:00

Israeli oil firm Delek has underlined its readiness to increase investment in the North Sea after completing a $2 billion (£1.6bn) acquisition in the area.


Indonesia signs 20-year production sharing contract for Corridor block

11/11/2019 14:12:00

Indonesia’s government signed on Monday a production sharing contract with units of ConocoPhillips, PT Pertamina and Repsol SA for the Corridor natural gas blocks, Energy and Mineral Resources Minister Arifin Tasrif told reporters.


Iran finds new oilfield of massive size

11/11/2019 14:10:00

Iranian President Hassan Rouhani on Sunday said a new big oilfield has been discovered in Khuzestan province in southwestern Iran.