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

news

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 (19.05.2020): EUAs surpass the €20-mark for the first time this month amid wider markets gains

19/05/2020 11:14:00

Crude oil futures rallied to their highest settlement in more than two months on Monday, driven by historic production cuts, the prospect of demand recovery following countries’ lockdown and revival of their economies, and promising early results from coronavirus vaccine trial.

<READ MORE

wpd begins construction of Corralnuevo wind farm in Spain

19/05/2020 10:31:00

As the fourth project of the Torozos wind cluster, the wind farm will contribute a total of 177MW of clean capacity to the grid.

READ MORE

Consortium of energy giants to build ‘world’s first carbon capture and storage network’

19/05/2020 09:55:00

The first phase of the project will see the capture of 1.5 million tonnes of CO2 per year and its permanent storage 2,500 metres below the seabed in the North Sea.

READ MORE