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Daily (17.07.2020): EUAs plummeted by over 7% on Thursday due to robust auction supply
Crude oil futures fell by about 1% on Thursday, but held above the $40 mark amid a weaker demand outlook underscored by the OPEC+ alliance’s decision to ease production cuts from August. Moreover, resurgent coronavirus cases in the U.S. weighed on oil prices. Hence, Brent crude for September delivery declined by 42 cents, to settle at $43.37 a barrel. At the same time, U.S. WTI crude slipped by 45 cents, to close at $40.75 a barrel.
read more... 17/07/2020
Daily (16.07.2020): A sharp drop in U.S crude stocks boosted oil prices by over 2% on Wednesday
Oil prices added momentum on Wednesday, driven by a sharp decrease in U.S crude stocks. However, OPEC’s and its oil-producing allies plan to boost supply from August to meet an expected rebound in demand limited the gain. In this context, the International benchmark Brent crude settled 2.1% higher at $28.85 a barrel. Similarly, WTI, the U.S. benchmark, rose by 2.3%, or 91 cents, to settle at $41.20 a barrel.
read more... 16/07/2020
Daily (15.07.2020): Oil prices ended slightly higher on Tuesday as OPEC+ complied with the agreed output cuts in June
Crude oil futures posted minor gains on Tuesday amid evidence that OPEC+ complied 107% of agreed oil output cuts in June. However, surging COVID-19 cases globally and mounting tensions between the U.S. and China continue to weigh on oil prices. Hence, Brent crude added 18 cents, or 0.4%, to close at $42.90 a barrel. At the same time, U.S. WTI crude rose by 19 cents, or 0.5%, to settle at $40.29 a barrel.
read more... 15/07/2020
Daily (14.07.2020): EUAs hit on Monday their highest levels since April 2006 amid speculative buying
Crude oil futures declined by about 1% on Monday as the market waited for direction ahead of OPEC meeting later this week that is expected to recommend an increase in output starting in August amid signs that demand is returning to normal levels following coronavirus-related lockdowns. The potential return of Libyan crude added further pressure to oil markets. Hence, Brent crude declined by 52 cents to settle at $42.72 a barrel. Meanwhile, U.S. WTI crude slipped by 45 cents to end at $40.10 a barrel.
read more... 14/07/2020
Daily (13.07.2020): Crude oil prices jumped by over 2% on Friday, after IEA raised its oil demand forecasts
British gas prices were bearish on Friday as strong wind output put pressure on gas-for-power demand, leaving the system oversupplied. The day-ahead gas price plunged by 8% to 12.65 p/therm. Further along the curve, the Winter 2020 delivery contract ended 1.6% lower at 34.03 p/therm. European spot power prices lost momentum on Friday, driven down by weaker demand forecasts. The price for the German day-ahead power contract plunged by 21.9% to 28.60 EUR/MWh, while the equivalent French contract settled 22.7% lower at 29.38 EUR/MWh. Meanwhile, forward electricity prices lost ground due to weaker gas prices. The price for the German power contract for delivery in 2020 traded 2.2% lower at 42.01 EUR/MWh, while the equivalent French contract settled 1.4% down at 46.94 EUR/MWh. EU carbon prices continued the upward evolution on Friday as buyers continue to increase volumes amid thin selling. The contract expiring in 2021 rose by 1.5% to 29.34 EUR/tonne.
read more... 13/07/2020