Daily (02.06.2020): The British spot gas dived by 5.6% on Monday after the resumption of Russian flows

02/06/2020 09:18 Daily

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Crude oil futures diverged on Monday, with Brent crude for August delivery surging by 8.5% to close at $38.32 a barrel amid hopes that OPEC+ producers will meet this week, earlier than previously planned, to discuss about a further extension of output cuts.  Meanwhile, U.S. WTI crude was rather stable at $35.49 a barrel, but under the effect of increasingly hostile relations between the United States and China.

A healthy supply after the resumption of Russian flows via the Yamal-Europe pipeline and warmer weather forecasts for this summer continued to weigh on British gas prices on Monday. Hence, the NBP spot dived by 5.6% to 8.50 p/therm.  On the curve, the gas price for year-ahead delivery shed by 1.6% to 31.66 p/therm. 


Low renewables generation at the start of the week supported day-ahead electricity prices in Europe. As a result, the German day-ahead power price skyrocketed at 28.34 EUR/MWh, while the price for the equivalent contract in France jumped to 20.32 EUR/MWh. 


Year-ahead power prices lost ground on Monday, tracking weaker carbon prices. The German Cal’21 power price declined by 1.4% to 36.61 EUR/MWh, while the French similar contract dropped by 1.2% to 44.64 EUR/MWh. 


EUAs expiring in 2021 fell by 2% to 21.33 EUR/tonne in a thin trading activity on Monday amid a public holiday across Europe and due to market jitters about worsening U.S.-China relations.

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