Daily (06.03.2020): Brent crude below $50 a barrel on Thursday as non-OPEC producers not yet ready to further cut output

06/03/2020 10:49 Daily

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Crude oil futures continued to decline on Thursday as worries about global oil demand and slower economic growth caused by the coronavirus outbreak were heightened by concerns that non-OPEC crude producers haven’t yet agreed to further reduce output in order to support prices.

Brent crude for May delivery fell by $1.14, or 2.2%, to settle at $49.99 a barrel on ICE London. U.S. WTI crude lost 88 cents, or 1.9%, to close at $45.90 a barrel on NYMEX.

 

British gas prices diverged on Thursday. The day-ahead gas price increased due to an undersupplied system. NBP spot rose by 0.6% to 25.40 p/therm.

 

Forward prices lost ground on Thursday following a decline in oil markets. The gas price for Summer 2020 delivery decreased by 1.3% to 23.10 p/therm, while the gas price for year-ahead delivery dipped by 1.1% to 36.37 p/therm.

 

European spot electricity prices dropped on Thursday, as on forecasts for double wind power generation in Germany and a decline in French consumption. Both German and French day-ahead power prices tumbled by 15.5% and 10% respectively to settle at 30.48 EUR/MWh.

 

Year-ahead power prices also decreased on Thursday tracking a bearish energy complex. The German Cal’21 power contract shed 0.6% at 40.87 EUR/MWh, while the similar contract in France lost 0.4% at 42.65 EUR/MWh.

 

The 2021-expiry carbon price edged lower at 23.99 EUR/tonne on Thursday as market is still under pressure due to the coronavirus outbreak.

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