Daily (30.08.2019): WTI futures jumped by 1.7% on Thursday after two new pipelines opened in the Permian Basin

30/08/2019 11:41 Daily


Crude oil prices rose on Thursday, backed by a deep decline in U.S. crude inventories. The opening of two new pipelines in the Permian Basin also added to demand at WTI delivery hub. At the same time, the approach of Hurricane Dorian toward Florida supported prices raising fears that U.S. crude producers may slow output. As a result, Brent crude hiked by 1% to $61.08, while WTI futures climbed by 1.7% to $56.71 a barrel.

UK gas prices diverged on Thursday. Higher wind output and low demand put pressure on day-ahead prices, with NBP spot falling by 2% to 27.25 p/therm. On the curve, prices recorded gains supported by rising oil prices. As a result, the contract for delivery in Q1 2020 closed 1% higher at 51.33 p/therm.


European spot power prices fell on Thursday, due to a lower demand for power consumption in Germany and France ahead of the weekend. The price for the German day-ahead power contract declined by 7.1% to 41.34 EUR/MWh, while the equivalent French contract settled 6.4% lower at 39.94 EUR/MWh.


Meanwhile, forward electricity prices nudged up, tracking the bullish evolution of gas and carbon prices. The price for the German power contract for delivery in 2020 edged 0.3% higher at 47.61 EUR/MWh, while the equivalent French contract closed 0.4% up at 49.25 EUR/MWh.


EU carbon prices added momentum on Thursday, on optimism around China-U.S. trade negations. As a result, the 2019-expiry contract trade 1.7% higher at 26.46 EUR/tonne.

Russia Ready To Seize Control Of The World's Largest Oil Reserves

18/10/2019 15:40:00

The Venezuelan government is readying to hand over control over state oil company PDVSA to Russia’s Rosneft, a local newspaper has reported, citing sources from the industry.


Natural gas inventories surpass five-year average for the first time in two years

18/10/2019 15:38:00

Working natural gas inventories in the Lower 48 states totaled 3,519 billion cubic feet (Bcf) for the week ending October 11, 2019, according to the U.S. Energy Information Administration’s (EIA) Weekly Natural Gas Storage Report (WNGSR). This is the first week that Lower 48 states’ working gas inventories have exceeded the previous five-year average since September 22, 2017. Weekly injections in three of the past four weeks each surpassed 100 Bcf, or about 27% more than typical injections for that time of year.


Daily (18.10.2019): EUAs nearly 1% off a fresh three-week high on Thursday, amid growing uncertainty over the fate of the new Brexit deal

18/10/2019 10:29:00

Crude oil prices extended gains on Thursday after data pointed at a fall in the U.S. fuel stocks. Higher freight rates from Chinese shipping firm COSCO coupled with news about a new Brexit deal agreed between the UK and the EU also supported prices. Still, gains were capped by demand concerns in the wake of a larger-than-forecasted build in the U.S crude inventories and a string of poor economic data. Consequently, Brent crude inched up by 0.8% at 59.91 USD/bbl, while WTI futures added 1.1% to end at 53.93 USD/bbl.