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12.01.2016 16:49
© kenteegardin, flickr.com
Oil extended declines from the lowest close in more than 12 years before U.S. government data forecast to show crude supplies expanded, exacerbating a global glut.
Futures fell as much as 3.2 percent in New York after dropping 5.3 percent Monday, going under the 35 dollars per barrel line. Stockpiles probably rose by 2 million barrels last week, a Bloomberg survey showed before a report from the Energy Information Administration Wednesday. OPEC will soon make efforts to convene before its scheduled June meeting as the slump in prices takes its toll on all members, Nigeria’s minister of state for petroleum resources Emmanuel Kachikwu said, as quoted by Bloomberg.
Meanwhile European power forwards set new lows on Tuesday as falls in crude oil, hard coal and carbon drove energy markets lower, with traders seeing no end in sight.
"Prices have fallen at an unpredictable speed since trading started this year," one trader said, as quoted by Reuters.
German baseload power for Cal '17 was a new contract low of 24.60 euros a megawatt hour, 36 cents down from Monday, when it had breached the psychologically important 25 euros/MWh level. The position has lost 6.8 percent since trading in the new year opened on Jan. 4.
The last time a German Year Ahead delivery contract cost this little was in January 2003, data from power exchange EEX showed, Reuters reported.
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