Transmission grid firms have presented plans to the regulator to invest up to 102 billion euros ($124.56 billion) up to 2030, of which 55 billion will go into high-voltage networks and 47 billion into local distribution grids.

A good Gap Up from the previous weeks closing price at 3.00379 saw a huge spike towards the 3.08 handle bringing about more bullish price action momentum towards yesterday's(May17th) peak price at 3.18093.

Total industrial production increased 0.7 percent in April. The indexes for mining and utilities increased 0.7 percent and 2.6 percent, respectively; the index for manufacturing rose 0.4 percent despite a drop in motor vehicle assemblies that principally resulted from shortages of semiconductors.

Brent fwas up 55 cents, or 0.8%, at $70.01. WTI was up 37 cents, or 0.6%, at $66.64.

The report is the world’s first comprehensive study of how to transition to a net zero energy system by 2050 while ensuring stable and affordable energy supplies, providing universal energy access, and enabling robust economic growth.

Saudi Arabia is aiming to generate 50 percent of its energy from renewables by 2030, with the remainder provided by gas.

Green hydrogen is produced from renewable energy, while blue hydrogen is derived from fossil fuels with carbon capture, utilization and storage.

Crude oil production from the major US onshore regions is forecast to increase 26,000 b/d month-over-month in June 2021 from 7,707 to 7,733 thousand barrels/day, gas production to decrease 53 million cubic feet/day from 83,624 to 83,571 million cubic feet/day .

In the first quarter of 2021 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,152 thousand boe per day, which is 4.2% higher quarter-on-quarter.

Brent fell 21 cents, or 0.3%, to $68.50 a barrel. WTI eased 9 cents, or 0.1%, to $65.28.