Daily (05.05.2020): British gas prices firmed on Monday amid a short system, higher exports and bullish oil markets

05/05/2020 09:42 Daily

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Crude oil futures edged higher on Monday as more countries unveiled they would begin easing coronavirus lockdowns and after the production quotas for the main oil exporting countries entered into force at the end of last week.  

Hence, Brent crude for July delivery soared by 76 cents, or 2.9%, to settle at $27.20 a barrel. At the same time, U.S. WTI crude surged by 61 cents, or 3%, to settle at $20.39 a barrel.

 

An undersupplied gas system and healthy exports to the continent buoyed British near-term gas prices on Monday. Consequently, the gas price for July 2020 delivery rose by 1.8% to 15.16 p/therm.


Bullish oil prices supported prices on the curve at the beginning of a new week, with the gas price for Winter 2020 delivery 0.3% higher at 31.41 p/therm.


European spot electricity prices sharply increased on Monday due to improving demand as economies continue to slowly reopen. The German day-ahead power price skyrocketed by 74% to 21.72 EUR/MWh, while the price for the equivalent contract in France rallied by 60% at 17.99 EUR/MWh.


EUAs expiring in 2021 climbed by 2% to 19.72 EUR/tonne amid supportive technical signals.

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