Daily (25.05.2020): Oil futures settled lower on Friday amid U.S.-China turbulence, but posted a weekly gain

25/05/2020 10:35 Daily

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Crude oil futures lost ground on Friday amid worries about economic recovery in China and rising tensions between Beijing and Washington.

Hence, Brent crude for July delivery fell by 93 cents, or 2.6%, to settle at $35.13 per barrel, while U.S. WTI crude dropped by 67 cents, or 2%, to close at $33.25 per barrel. However, for the week, Brent surged by 8% and WTI by 12% as countries relaxed lockdown measures.


The British spot gas price recovered on Friday after a weak demand due to a holiday in many continental European countries. Indeed, NBP spot soared by about 10% to 9.40 p/therm. On the curve, the gas price for year-ahead delivery shed by 1.9% to stand at 32.57 p/therm, tracking weaker oil prices.


European spot electricity prices decreased sharply on Friday, driven by robust wind power supply in Germany and higher nuclear availability in France. As a result, the German power for day-ahead delivery plunged by 45.5% to 10.26 EUR/MWh, while the equivalent power contract in France dived by 21% to 11.65 EUR/MWh. 


Year-ahead power contracts declined, tracking a bearish energy complex. Consequently, the German Cal’21 power contract lost 1% at 36.91 EUR/MWh, while the similar contract in France was rather flat at 45.11 EUR/MWh.


EUAs expiring in 2021 rose by 1% to 21.77 EUR/tonne on Friday despite weak gas and wider macroeconomic concerns.

Daily (09.07.2020): Higher Norwegian flows led to an oversupply in the British gas system on Wednesday

09/07/2020 10:55:00

Crude oil prices added momentum on Wednesday, following an increase in U.S. crude imports and a weekly decline in gasoline supplies that indicated an improvement in energy demand. Hence, Brent crude traded 0.5% higher at $43.29 a barrel. At the same time, WTI futures edged 0.7% higher at $40.90 a barrel.

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