Daily (30.10.2020): Oil prices sunk to multi-month lows on Thursday as renewed lockdowns in Europe raised fears of demand deterioration

30/10/2020 10:56 Daily


Crude oil futures tumbled to multi-month lows on Thursday amid mounting COVID-19 cases that resulted in tighter restrictions in Europe, slashing consumption for the black gold.


Hence, Brent crude shed by $1.47, or 3.8%, to settle at $37.65 per barrel, the lowest level since May 29. At the same time, U.S. WTI crude fell by $1.22, or 3.3%, to settle at $36.17 a barrel, touching the weakest level since June 1.


British near-term gas prices lost ground on Thursday, driven by the recent lockdowns in Europe and weakening Asian LNG prices on Thursday. Consequently, the NBP spot fell by 2.8% at 37.90 p/therm. Along the forward curve, the gas price for year-ahead delivery decreased by 1.6% to 37.67p/therm, mainly as a result of bearish oil prices.


European spot electricity prices plummeted on Friday amid concerns that imminent lockdown measures to struggle with surging Covid-19 cases will dent demand. In this context, the German day-ahead power price dived by 7.5% to 30.19 EUR/MWh, the lowest level since early June. Meanwhile, the equivalent power contract in France plunged by 11.2% to 33.02 EUR/MWh.


Year-ahead power prices followed the same bearish trend, under pressure of a weak energy complex due to COVID-19 jitters. Thus, the German Cal’21 power declined by 0.7% to 37.75 EUR/MWh, while the similar power contract in France settled at 41.75 EUR/MWh, posting a 0.8% loss day-on-day.


EUAs expiring in 2021 soared by 2.8% to 23.67 EUR/tonne, buoyed by a stronger auction, neglecting concerns over the impact of renewed coronavirus restrictions.

Norway's NBT, Belgium's WV to build wind farms with 800 MW total capacity in Serbia

20/01/2021 08:52:00

Norwegian utility-scale wind power developer NBT entered a partnership with Belgium-based WV International, former Windvision, to develop wind projects with a combined capacity of 800 MW in Serbia by 2026, the two companies said on Tuesday.


Daily (20.01.2021): Energy prices rebounded on Tuesday amid bullish sentiment on the market

20/01/2021 08:50:00

Oil prices gained momentum on Tuesday in line with a weakening dollar, boosted by the prospect of further economic support in the United States. Hence, Brent crude for March delivery rose by $1.15, or 2.1%, to settle at $55.90 a barrel. Meanwhile, U.S. WTI crude settled 62 cents, or 1.18%, higher at $52.98 per barrel.


UK's 10-point plan 'lays path' to 78% cut in emissions by 2035

20/01/2021 08:49:00

The UK's 10-point climate change plan has the policies to bridge the gap between the aspirations in the Committee on Climate Change's sixth carbon budget "and where we are now," Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng said Jan. 19.