 |
Louisiana Light • 2 days | 61.90 | -2.29 | -3.57% | ||
|
Bonny Light • 255 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 2 days | 66.52 | +0.00 | +0.00% | ||
|
Mars US • 545 days | 72.57 | -1.09 | -1.48% | ||
|
Gasoline • 11 mins | 2.055 | +0.006 | +0.28% |
|
Bonny Light • 255 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 255 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 2 days | 66.52 | +0.00 | +0.00% |
|
Peace Sour • 24 hours | 50.21 | -2.21 | -4.22% | ||
|
Light Sour Blend • 24 hours | 50.46 | -2.21 | -4.20% | ||
|
Syncrude Sweet Premium • 24 hours | 54.71 | -2.21 | -3.88% | ||
|
Central Alberta • 24 hours | 50.06 | -2.21 | -4.23% |
|
Eagle Ford • 2 days | 54.69 | -2.21 | -3.88% | ||
|
Oklahoma Sweet • 2 days | 54.50 | -2.00 | -3.54% | ||
|
Kansas Common • 2 days | 45.04 | -2.21 | -4.68% | ||
|
Buena Vista • 32 days | 70.40 | +1.10 | +1.59% |
Breaking News:
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European Power Prices Surge to a 20-Month High
As Europe is bracing for the winter, wholesale electricity prices have jumped in November to the highest level in 20 months, additionally burdening the key industries in major economies that had just started to recover from the 2022 energy crisis.
Average wholesale base power prices in Germany, France, the Netherlands, Spain, and Poland have soared to their highest levels in at least 20 months so far this month, per power market data by LSEG, cited by Reuters columnist Gavin Maguire.
Prices in Italy, Europe’s third-largest economy after Germany and France, have increased to a four-month high, but they have been higher than the European average anyway, according to the data.
The highest spot-based electricity prices in Europe since February 2023 threaten industrial production in key economies and loom large over business sentiment.
Earlier this month, falling wind power generation tightened power markets in Europe, with electricity prices in Germany hitting their highest since the peak of the energy crisis in 2022.
Wind speeds in the UK and Germany slumped in the so-called ‘Dunkelflaute’ period in which there is a lull in wind speeds. This has sent power prices in northwestern European countries surging and nations have had to rely more on fossil fuels such as natural gas to meet demand. The UK saw just 4% of its electricity demand in peak morning and evening hours met by wind power on November 6, while natural gas-fired generation topped 60% of the power mix. The share of natural gas in the UK power generation jumped to the highest level in a year, since November 2023.
The rising energy costs threaten major European economies, just as Germany, the biggest economy in Europe, narrowly avoided a recession in the third quarter of the year. Eurozone GDP grew by 0.4% in the third quarter, Eurostat’s flash estimate showed. That was higher than expected as Germany and France outperformed forecasts.
By Charles Kennedy for Oilprice.com
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