Daily (12.09.2017): Increase in the U.S oil prices, as refineries restart operations

12/09/2017 10:59 Daily

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Oil prices soared on Monday as most important U.S. refineries relaunched operations after Hurricane Harvey, which might help resuscitate crude oil processing. 

On the other side, fuel prices fell as Hurricane Irma could reduce demand for gasoline and diesel. Brent crude oil price settled 0.1% up at $53.84 a barrel, while U.S. West Texas Intermediate crude ended 1.2% higher at $48.07.

 

The possibility of a prolongation to the 15-month production agreement between members of the Organization of the Petroleum Exporting Countries and non-OPEC producers also encouraged prices, according to traders.


Reduced gas flows from Norway to the UK led to a surge in the British wholesale gas prices on Monday. Day-ahead gas price was 0.4% up at 46.15 p/therm. Further along the curve, the contract for next season delivery traded 1.9% higher at 51.16 p/therm.


Higher wind power output levels drove up supply and reduced the prices or maintained almost constant the spot positions in the European wholesale electricity market on Monday. Germany's day-ahead baseload power contract decreased by 8.5% to 29.43 euros/MWh, while the equivalent French contract was almost unchanged at 33.47 euros/MWh in the interconnected region. 


Power prices for year-ahead delivery traded higher in the European wholesale market on Monday afternoon on predictions of lower generation output from wind turbines. The electricity contract for delivery in 2018 in Germany was up 0.2% at 35.09 euros /MWh, while the same contract in France gained 0.3% to close at 41.69 euros/MWh.


European carbon prices slumped for the first time in more than a week amid choppy trade and on worried over ETS Brexit protections. December 2019 expiry EU carbon allowances traded 2.5% lower at 6.99 euros a tonne.
 

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