Daily (13.11.2017): UK day-ahead gas contract settled 2.7% up on Friday, due to expectations of colder weather

13/11/2017 11:15 Daily

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Crude prices fell slightly on Friday as anticipations that OPEC and other producers will extend their output reduction agreement were offset by U.S. drillers adding the most oil rigs in a week since June, indicating output will continue to rise. 

Brent futures dropped 41 cents, or 0.6 percent, to $63.52 a barrel. Meanwhile U.S. West Texas Intermediate crude settled down 43 cents, or 0.8%, at $56.74 per barrel. Earlier last week, Brent rose to $64.65, its peak since June 2015, and WTI attained $57.92, its highest since July 2015. Both contracts gained more than 2 percent week-on-week, which was the fifth consecutive increase.

 

British wholesale gas prices rose on Friday on predictions of lower temperatures below seasonal norms over the weekend. NBP day-ahead price surged by 1.40 pence, or 2.7%, to 53.50 p/therm. On the forward curve, the first quarter contract traded 0.26 pence up at 55.34 p/therm. 

 

European day-ahead power prices gained significantly on lower temperature forecasts. French Monday delivery baseload was at 59.08 euros/MWh, up 25.8 percent from the price paid for Friday, while German Monday delivery, traded at 45.74 euros, or 38 percent up.


Electricity curve prices were mixed amid profit-taking from coal-driven rallies. German year-ahead power slightly rose to 36.98 euros/MWh, having posted a 45-month high this week of 37.53 euros. The equivalent French contract shed 0.4 percent to 42.03 euros.


European carbon prices decreased for a fourth consecutive day on Friday, slipping to a seven-day low and posting a 6.1% weekly loss as selling continued in the wake of Thursday’s agreement on post-2020 ETS reforms. Emission allowances expiring in 2018 ended 2% down at 7.43 euros a tonne.
 

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