- July 6th, 2020
EUROPE POWER-German year-ahead price jumps on rising carbon, fuel prices
The German year-ahead power contract surged on the wholesale market on Monday, as carbon permit contracts jumped and oil prices rose due to tighter supply.
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The German year-ahead power contract surged on the wholesale market on Monday, as carbon permit contracts jumped and oil prices rose due to tighter supply.
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Oil prices were mixed on Monday, with Brent crude edging higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States.
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Oil prices fell on Friday, reversing earlier gains, as the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, stoked worries that a fuel demand recovery could stall.
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European prompt power prices fell in the wholesale market on Thursday on weaker pre-weekend demand and higher renewables and nuclear supply.
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Prompt British wholesale gas prices fell on Thursday morning as imports from Norway increased, leaving the market oversupplied.
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Oil prices rose on Thursday, reversing early losses, as a sharp drop in oil stockpiles outweighed concerns that a spike in U.S. coronavirus infections and revived lockdown measures in California could stall a recovery in fuel demand.
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British prompt wholesale gas prices were mixed on Wednesday morning as a drop in exports to continental Europe was offset by lower liquefied natural gas send-out.
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Oil prices rose on Wednesday on improving factory activity in China and drawdown in U.S. crude inventories, both indicating an economic recovery and rise in energy demand despite surging coronavirus infections around the world.
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British wholesale gas prices rose on Tuesday morning amid an undersupplied gas system and a strong rise in U.S. gas and carbon emissions prices in the previous day.
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European prompt power prices rose sharply on Tuesday, with Germany’s day-ahead level more than doubling on lower wind output, while forwards contracts also gained.
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