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Daily (01.08.2017): European spot electricity prices soared by 60-70% on Monday on high air conditioning demand
Oil was slightly bullish near two-month highs on Monday, putting July 2017 to become the strongest month so far this year. Tightening U.S. market after heavy inventory falls and slower new oil rig additions supported the prices. Sentiment in the oil market is very bullish as some OPEC and non-OPEC members will meet on Aug. 7-8 in Abu Dhabi to assess compliance with production cuts. Also, the U.S. is considering imposing sanctions on Venezuela's oil sector, pushing up the prices. Brent crude rose by 0.25% to $52.65 a barrel, while WTI price rose by almost 1% to close at $50.17 a barrel.
read more... 01/08/2017
Daily (31.07.2017): Oil prices jumped by 2% on Friday
Oil prices edged higher on Friday. U.S. crude and gasoline inventories fell higher-than-expected and the world's biggest oil exporter Saudi Arabia declared it would further reduce oil production in August. Brent crude jumped by 2% to $52.52 a barrel, while WTI price rose by 1.37% to close at $49.71 a barrel.
read more... 31/07/2017
Daily (28.07.2017): Brent prices soared to 2-month high on Thursday - $51.49 a barrel
Oil prices continued to rise on Thursday with support from a huge slide in U.S. crude inventories. Kuwait, UAE and Saudi Arabia, fellow members of the OPEC, have also promised export cuts. U.S. fuel exports are on track to hit another record in 2017, making foreign fuel markets increasingly important for the profit margins of U.S. refiners. Also, Europe's major energy firms are turning a corner after a 3-year slump, Royal Dutch Shell, France's Total and Norway's Statoil reported sharp rises in cash flow from second quarter operations. Brent crude jumped by 1% to $51.49 a barrel, while WTI price jumped by 0.8% to close at $48.75 a barrel.
read more... 28/07/2017
Vietnam partners with China and India to build fuel storage
Vietnam will partner with China and India to create an oil reservoir in order to broaden commercial storage for crude oil and strengthen energy security, as domestic production falls and crude imports rise.
read more... 28/07/2017
Daily (27.07.2017): UK wholesale gas prices jumped by 5.37% on Wednesday
Oil prices continued to rose on Wednesday. The U.S. crude stockpiles fell sharply last week as refineries boosted output. Nigerian output slipped this week as leaks forced Shell to shut oil exporting pipeline. long-awaited oil market rebalancing is underway. Venezuela, an OPEC member, faces deepening economic woes and protests, the US plans to impose financial sanctions to halt dollar payments for the Venezuelan oil. Brent edged up by 1.53% to $50.97 a barrel, while WTI price jumped by 1.8% to close at $48.75 a barrel.
read more... 27/07/2017