Oil prices fell on Wednesday as a cut in Saudi crude exports was denied by Saudi refiners, having processed more crude oil that potentially could enter the market.
Brent crude settled down 3.57% at $52.93 a barrel while U.S. WTI crude prices declined even beyond by 3.76%, closing at $50.44 per barrel.
British wholesale gas prices weakened on Wednesday due to a slightly oversupplied system. Another factor was the expected arrival of Al Samriya LNG tanker at the UK's South Hook LNG terminal from Qatar. Win2017 contract price has lost 1.43% to end the session at 46.63 p/therm. NBP spot price settled down 0.76% at 39.20 p/therm.
French spot power strengthened on Wednesday as average temperatures are expected to decrease by 0.8 degree Celsius on Thursday and as wind power production could decline, with the French spot contract hitting its highest level since March, having jumped by 5.3% at 40.32 euros per MWh. Meanwhile, the French Cal '18 benchmark price settled at 35.73 euros per MWh.
The German spot contract price insignificantly rose by 0.41% to arrive at 37.18 euros/MWh, due to expectations of a decline in wind power production. The German Cal '18 benchmark price increased 1.5% at 30.39 euros/MWh.
EU carbon price for Dec 2018 delivery dropped again by 0.6 percent on Wednesday due to strong UK auction, settling at 4.87 euros/ton.