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Daily (06.06.2024): Gas and power prices declined on Wednesday amid ample supply and rising Norwegian flows
Oil prices increased on Wednesday due to U.S. macroeconomic data suggesting a slowdown, which renewed expectations for Fed rate cuts that might enhance oil demand. Furthermore, improved economic data from China, indicated by a higher PMI Services index, also supported prices. Consequently, Brent crude climbed by 1%, closing at $78.41 per barrel.
read more... 06/06/2024
Daily (05.06.2024): European carbon prices declined by 3% on Tuesday amid bearish gas prices
Oil prices extended losses on Tuesday, with the market remaining tense over the prospect of a gradual increase in OPEC+ production this autumn. As a result, Brent crude settled at $77.56 per barrel, while WTI crude stood at 73.25 per barrel, with both contracts falling by over 1% day-on-day.
read more... 05/06/2024
Daily (04.06.2024): Brent oil price settled below $80 a barrel on Monday for the first time since the beginning of February
Oil prices tumbled by about 4% on Monday, as the market resented OPEC+'s decision on Sunday to start phasing out part of its production cuts from October, with global demand concerns continuing to weigh on prices. Hence, Brent crude stood at $78.36 per barrel, while WTI crude closed at 74.22 per barrel.
read more... 04/06/2024
Daily (03.06.2024): European carbon prices declined by 2% on Friday, in tandem with bearish natural gas prices despite a strong auction result
Oil prices fell on Friday as investors repositioned ahead of the weekend and an anticipated OPEC+ meeting expected to discuss the extension of production cuts. Consequently, Brent crude settled at $81.62 per barrel, a 0.3% decline from the previous day, while WTI crude dropped by 1.2% to close at $76.99 per barrel.
read more... 03/06/2024
Daily (31.05.2024): French-German spot power spread hit an 18-year peak on Thursday due to rising hydropower and nuclear production in France
Oil prices significantly declined on Thursday as the market disregarded the potential extension of OPEC+ production cuts in 2025, due to abundant supply. The increase in gasoline inventories, now around 6% higher than at the same time last year, along with a rise in distillate products, further supported the notion of a plentiful supply. Consequently, Brent declined by over 2% to close at $81.86 a barrel, while WTI Crude lost 1.7% to end at $77.91.
read more... 31/05/2024