Daily (18.05.2017): Oil prices surged by around 1% to a two-week high on Wednesday

18/05/2017 11:22 Daily

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Oil prices surged to a two-week high on Wednesday after U.S crude inventories declined for the sixth straight week. On May 25, in Vienna, OPEC producers are expected to extend the supply cuts. Brent crude edged up 1% to close at $52.21 per barrel. Meanwhile, U.S. WTI crude price jumped by 0.84% to settle at $ 49.07 a barrel.

British wholesale gas prices rose on Wednesday as Norwegian gas system operator Gassco modified the end date of a planned outage. NBP spot gas price increased by 1.37% to reach 40.70 p/therm. The June 2017 gas contract hiked by 2.55% at 37.33 p/therm.

 

European spot electricity prices improved on Wednesday, as Germany expected lower wind power output on Friday and the Golfech 2 nuclear plant in France was closed for unexpected maintenance on May 18-19. 

 

German day-ahead power contract slightly grew by 0.68% at 32.74 euros/MWh, while the German Cal '18 benchmark price rose by around 1% at 29.43 euros/MWh.

 

French spot electricity prices surged by 2.41% to close at 34.03 euros per MWh, while the French Cal '18 benchmark price settled 0.51% higher at 35.64 euros per MWh.

 

EU carbon prices grew for the second consecutive day as the auctions continued to show strong demand from purchasers. The EUA Cal2018 contract ended around 1% higher at 4.62 euros/ton.

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