Daily (24.05.2019): WTI futures slumped by 5.7% on Thursday, amid growing U.S.-China trade concerns

24/05/2019 09:42 Daily

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Crude oil prices plunged on Thursday, heading for a 6-month low, weighed by fears that the prolonged trade dispute between U.S. and China is turning into a technology cold war, or a threat to the global economic growth. Weaker U.S. data, swelling U.S. crude inventories and softer global demand outlook due to the easing U.S.-Iran tensions put more pressure on prices. WTI futures plummeted by 5.7% to 57.91 USD/bbl, while Brent crude price dipped by 4.6% to 67.76 USD/bbl. 

 

Increased Norwegian flows via the Langeled pipeline dragged down the British wholesale gas prices on Thursday. Moreover, reduced demand due to warm weather and robust wind power output added to the bearish impact on prices, with the NBP spot price tumbling by 2.7% to 29.20 p/therm. Meanwhile, the contract price for delivery in August 2019 declined by 0.6% to 32.39 p/therm.

 

European spot power prices posted losses on Thursday, as consumption was set to curb ahead of the weekend. In Germany, the day-ahead power contract edged 0.5% lower at 40.46 EUR/MWh, on forecasts for stronger wind generation. In the meantime, the price for the equivalent French contract sank by 2.2% to 38.81 EUR/MWh, amid unchanged nuclear availability.

 

The forward electricity prices were seen in a downward trend on Thursday, under the influence of a bearish energy complex. The German power contract for delivery in 2020 ended 1.1% down at 48.59 EUR/MWh, while the equivalent French contract retreated by 1%, closing at 51.65 EUR/MWh.

 

EU carbon prices lost momentum in a weaker session on Thursday, as falling oil prices affected the energy complex on the downside. The price for the contract expiring in 2021 dropped by 1.2% to 26.62 EUR/tonne.

 

Daily (20.06.2019): NBP spot tumbled by more than 10% on forecasts for stronger LNG supply and warmer weather

20/06/2019 10:53:00

Calmer U.S equity markets led to a decline in oil prices on Wednesday. Brent crude ended 32 cents, or 0.5%, down at $61.82 a barrel. Meanwhile, WTI futures lost $0.14, or 0.3%, to close at $53.76 a barrel.

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Reabold Resources and partners discover massive onshore gas field in UK

20/06/2019 09:54:00

Reabold Resources and its partners Union Jack Oil and Rathlin Energy have announced the discovery of what could potentially be the UK’s largest onshore gas field.

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Norway seeks to open areas to hold up to 3.5 GW of floating wind

20/06/2019 09:50:00

Norway’s Ministry of Petroleum and Energy will consider opening two offshore areas for applications to build floating wind parks with a total potential capacity of up to 3.5 GW, it announced today.

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