Daily (22.11.2019): WTI crude hit a 2-month high on Thursday, on potential extension of OPEC+ crude cuts and optimism around China-U.S trade talks

22/11/2019 13:32 Daily

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Crude oil prices traded higher on Thursday reaching their highest level in two months, as OPEC and its allies will most probably extend oil supply cuts until June. The news about China’s intention to invite U.S. to a second round of trade negotiations also supported the bullish trend. Hence, Brent crude rose by 2.5% to $63.97 a barrel.  WTI futures climbed by 2.8% to $58.58 a barrel.

A drop in LNG supplies at the U.K. terminals left the market undersupplied, boosting British gas prices on Thursday. As a consequence, NBP spot jumped by 2.8% to end at 41.10 p/therm. On the curve, the Q2 2020 delivery contract gained 1% to close at 38.82 p/therm.

 

European prompt power prices extended losses on Thursday due to an increase in wind generation and weaker demand ahead of the weekend. The French spot power price plunged by 15.5% to 47.53 EUR/MWh, while the German equivalent contract closed 13% lower at 43.58 EUR/MWh.

 

Further along the curve, power prices were stronger on Thursday, tracking higher gas and oil prices. The German contract for next-year delivery edged 0.8% higher at 45.64 euros/MWh. The same increase was noticed in the the French equivalent contract, which settled at 48.24 euros/MWh.

 

European carbon prices slid on Thursday, on uncertainty whether a softer Brexit deal will be possible in January 2020. A weaker auction also contributed to the decline. Consequently, the price for the 2021-expiry contract nudged 0.4% lower at 24.32 EUR/tonne.

Daily (16.09.2020): Oil prices ended higher on Tuesday as Hurricane Sally disrupted Gulf of Mexico energy production

16/09/2020 10:57:00

Crude oil futures rebounded on Tuesday, buoyed by rising Chinese industrial production and Hurricane Sally which curbed the supply in the Gulf of Mexico. However, bearish forecasts for the energy demand released by the IEA helped to limit the upside for oil prices. Hence, Brent crude for November delivery soared by 92 cents, or 2.3%, to settle at $40.53 a barrel. Meanwhile, U.S. WTI crude for October delivery climbed by $1.02, or 2.7%, to settle at $38.28 a barrel. Both contracts fell on Monday.

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Investors call on EU to boost carbon-emission reduction goals

16/09/2020 09:04:00

An investor group with a combined €33 trillion ($39.1 trillion) in assets has called on the European Union to set 2030 carbon-emission reduction goals at 55%, in an effort to support low-carbon economy investments.

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EU Green Recovery plan could support 2.3 GW of Spanish solar project capacity

16/09/2020 08:52:00

Three big projects are candidates for support from the Covid recovery plan laid out by the bloc.

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