Daily (24.11.2020): Oil prices hit multi-month highs on Monday as the vaccine race intensifies

24/11/2020 10:19 Daily


Crude oil futures hit multi-month highs on Monday as hopes of a new coronavirus vaccine 70% effective in late-stage trials unveiled by European drug maker AstraZeneca offset concerns about the surging number of infections and lockdown measures. Hence, Brent crude for January delivery soared by 2.5% to settle at $46.06 a barrel. Meanwhile, U.S. WTI crude rose by 1.5% to close at $43.06 a barrel.

British near-term gas prices gained ground on Monday, with NBP spot surging by 7.2% to 36.70 p/therm amid forecasts for cooler weather. Further along the curve, the gas price for year-ahead delivery increased by 2.4% to 35.10 p/therm, tracking bullish oil and carbon markets.

A colder weather forecast and an expected drop in renewables spurred European spot electricity prices at the begging of the new week. As a result, the German day-ahead power price rocketed by 38.7% to 42.03 EUR/MWh, while the French equivalent contract settled at 46.75 EUR/MWh, posting a 22% hike day-on-day.

Sentiment further out was bullish as year-ahead contracts followed a stronger energy complex. Consequently, the German Cal’21 power increased by 2.7% to 39.57 EUR/MWh, while the similar contract in France ended at 43.19 EUR/MWh, posting a 2.8% rise on a daily basis.

EUAs expiring in 2021 jumped by 1.9% to end at 27.41 EUR/tonne on Monday amid virus vaccine news.

Ørsted makes final investment decision on its first renewable hydrogen project

21/01/2021 08:56:00

The Danish demonstration project will use offshore wind energy to produce renewable hydrogen


Global energy transition investment ‘hit $500bn mark in 2020’

21/01/2021 08:51:00

Solar and wind received the lion’s share of renewable investments globally, according to a new report


Western Companies Abandon Russia-Led Nord Stream 2 Project

21/01/2021 08:47:00

The U.S. imposed on Tuesday sanctions on the Russian pipe-laying vessel that was expected to complete the construction of the gas pipeline Nord Stream 2, while several Western companies are said to have abandoned links to the project for fear of sanctions.