Daily (03.12.2019): NBP gas forward prices strongly bearish on Monday due to robust supplies from LNG terminals and from Norway

03/12/2019 11:26 Daily

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Brent crude declined on Monday on concerns about global oil oversupply and limited progress toward resolving the U.S.-China trade war that has clouded the outlook for oil demand. Brent lost 2.4% to settle at $60.92 a barrel.

British prompt gas prices tumbled on Monday as a high consumption was counterbalanced by stronger supplies from LNG terminals and from Norway. More than a dozen LNG tankers are scheduled to arrive in Britain by Dec. 15. NBP spot gas dipped by 3.8% to trade at 39.00 p/therm.


Along the forward curve, prices also eased. The January gas contract was down 3.5% at 41.27p/therm, while the Summer 2020 contract shed 2.4% at 36.88 p/therm.


European spot power prices skyrocketed on Monday, buoyed by higher demand. German power for day-ahead delivery soared by 22% at 51.36 euros/MWh, while the French equivalent contract rallied 37% at 57.85 euros/MWh.


Forward contracts lost ground following the downward evolution of the energy complex. The German Cal ‘20 baseload contract settled at 45.05 euros, down 1.6%. The price for the French equivalent contract decreased by 1.7% at 48.30 euros/MWh.


The carbon prices plunged on Monday, dragged down by a mix of technical and fundamental factors. The price for the contract expiring in 2020 dipped by 3.5% to 24.47 EUR/tonne.

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