Daily (27.12.2019): Crude oil at the highest level since September on Thursday due to China-U.S. trade pact

27/12/2019 10:22 Daily

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Crude oil strengthened in post-holiday light trading, with prices hitting the highest level since September, buoyed by optimism that China-U.S. trade conflict will end soon and following API’s data report indicating a bigger-than-expected decline in crude stockpiles.

Brent crude futures soared by 72 cents, or 1% to settle at $67.92 a barrel on ICE Futures Europe.  WTI crude futures ended the session at $61.68 a barrel on the New York Mercantile Exchange, up 57 cents, or 0.9%. Both benchmarks posted their biggest gain since Sept. 17, when oil futures rocketed in response to an attack on Saudi Arabia's oil infrastructure.


American Petroleum Institute unveiled late Tuesday that U.S. crude inventories fell by 7.9 million barrels for the week ending on Dec. 20. U.S. President Donald Trump declared on Tuesday that a trade deal is completed and will be signed at the White House by him and China's President Xi Jinping. The agreement would be inked during the first week of January. Details of the agreement will be disclosed once signed.

 

The 18-month trade war between the world’s largest economies has hampered global economic growth and demand for oil, putting pressure on crude prices for most of the year.

 

Spot electricity prices in Europe firmed on Thursday, spurred by lower wind power generation in Germany and higher consumption in France.

 

German power price for day-ahead delivery rallied 12.5% at 37.82 EUR/MWh, while the French equivalent contract jumped by 27% to trade at 32.72 EUR/MWh.

Daily (21.02.2020): German spot power down 15% on Thursday due to higher wind output, lower demand

21/02/2020 10:13:00

Crude oil futures edged higher on Thursday after an EIA report showed U.S. crude inventories rose less than expected last week. However, gains were capped by worries about the outbreak of coronavirus outside China.

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Total, PTTEP win onshore exploration concession Block 12 in Oman

21/02/2020 09:35:00

Total and Thailand-based PTT Exploration and Production Public Company (PTTEP) have won the rights to Block 12, a nearly 10,000km2 onshore exploration concession in Oman.

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Offshore wind in 'record' 5.2GW global surge

21/02/2020 09:31:00

Last year set a new record for offshore wind installations with 5.2GW of capacity entering into operations globally, according to a new report by World Forum Offshore Wind (WFO).

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