Daily (24.04.2019): The energy complex returned to pre-Easter holidays levels on Tuesday due to firmer demand

24/04/2019 11:10 Daily

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Oil prices continued their upward trend on Tuesday, as sanction waivers on Iranian oil imports will stop on May 1. However, U.S. officials consider that increasing U.S. crude production along with supplies from supportive Saudi Arabia and United Arab Emirates are enough to cover global demand. As a result, Brent crude traded 0.6% higher at $74.51 a barrel, while WTI futures rose by 1.1% to $66.30 a barrel. 

Most of the UK forward gas prices turned bullish on Tuesday, stimulated by a stronger energy complex. The contract for delivery in December 2019 traded 1.2% higher at 60.71 p/therm. On the other side, the day-ahead NBP price ended at 27 p/therm, plummeting by 23% compared to the last trading session on Thursday, weighed by increased storage injections due to a planned shutdown at IUK pipeline, warmer weather and abundant LNG flows.

 

The European spot power prices skyrocketed on Tuesday, as demand recovered after the recent fall during Easter holidays. The price for the German spot power contract soared by 135.3% to 34.70 EUR/MWh. Meanwhile, the equivalent French contract price spiked by 23.9% to 33.39 EUR/MWh.

 

Along the curve, no trading activity was noticed in the electricity forward contracts following the Easter holidays period. 

 

EU carbon prices resumed their upward evolution on Tuesday, heading for a 11-year high, tracking gains on oil markets. The price for the 2020-expiry contract hiked by 2.4% to 27.83 EUR/tonne.
 

Daily (15.05.2019): Brent crude rose by 1.4% on Tuesday, after a drone attack on a Saudi Arabia oil firm

15/05/2019 11:19:00

Crude oil prices soared on Tuesday, after the attack of the Yemeni explosive-charged drones on Saudi Arabia’s oil firm, Aramco, which shortly halted pumping. However, production and oil exports continued without disruption. Meanwhile, China-US trade negotiations are still not settled. As a result, Brent crude rose by 1.4% to $71.24 a barrel, while WTI futures traded 1.2% higher at $61.78 a barrel.

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ICGB selects Greece's J&P-Avax to build Greece-Bulgaria gas link

15/05/2019 09:29:00

ICGB, the project company developing the Gas Interconnector Greece-Bulgaria, said on Tuesday it has picked Greece's J&P-Avax to buid the gas link for 144.8 million euro ($162.6 million).

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Nordex unveils 350-MW US deal for 4-MW class turbines

15/05/2019 09:26:00

German wind turbine maker Nordex today announced an order for 350 MW of its Delta4000 machines from an unnamed energy supplier in the US.

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