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 (20.08.2019): Brent crude surged by around 2% on Monday on worries about global oil supplies

20/08/2019 11:19:00

Crude oil prices rose on Monday after Yemen’s Houthi forces used a drone to attack an oilfield in eastern Saudi Arabia on Saturday, threatening global oil supplies. Brent crude added $1.1, or 1.9% to settle at $59.74 a barrel. WTI futures gained $1.34, or 2.4% to end at $56.21 a barrel.

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EBRD Finances Private-to-Private Solar Project in Jordan

20/08/2019 08:25:00

The European Bank for Reconstruction and Development together with its partners is supporting a pioneering energy project in Jordan with a financial package of up to $35 million. The project will enable the telecom operator Orange Jordan to cover part of its demand with clean energy generated in solar plants.

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Belene project attracts five expressions of interest

20/08/2019 08:21:00

Five companies have expressed interest in Bulgaria’s invitation for strategic investment in the construction of Belene nuclear power plant on the Danube River near the Romanian border. According to national newspaper 24 Chasa, China National Nuclear Corporation, Framatome, General Electric, Korea Hydro and Nuclear Power and Rosatom have all applied for the selection process.

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