Daily (05.12.2019): Oil prices skyrocketed about 4% on Wednesday ahead of the OPEC meeting

05/12/2019 10:41 Daily


Crude oil prices skyrocketed on Wednesday, buoyed by hopes of deeper production cuts from OPEC and its allies and following a larger-than-expected drop in U.S. stockpiles. Brent crude soared by 3.6% to settle at $63 a barrel. WTI crude gained 4.2%, closing at $58.43 a barrel. It was its third straight day of gains, and its best day since September.

Meanwhile, British prompt gas prices lost ground on Wednesday due to an oversupplied system. Moreover, milder weather forecast could curb demand, putting more pressure on prices. NBP spot plummeted by 3.3 % to close at 35.40 p/therm. Along the forward curve, gas contracts also declined. The gas price for January 2020 delivery fell 0.3% at 41.03p/therm, while the gas for February delivery was traded 0.5%  lower at 41.63 p/therm.

The German prompt power price plunged on Wednesday on stronger wind power supply expectations. The German contract for the day-ahead delivery declined sharply by 12.8% at 41.82 EUR/MWh. The French equivalent contract was flat at 59.58 EUR/MWh.

The forward contracts evolved differently, with German contract for delivery next year up 0.3% at 44.66 EUR/MWh. French Cal’20 contract posted a minor decrease, trading at 47.89 EUR/MWh.

The carbon prices recorded a considerable increase on Wednesday due to a stronger auction result and a pause in energy market losses. The price for the EUAs expiring in 2020 jumped by 3.1% to 24.90 EUR/tonne.

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