Daily (07.01.2019): The entire energy complex in a bullish mood on Friday

07/01/2019 12:08 Daily

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Oil prices continued to gain momentum on Friday after China declared it would hold trade discussions with the United States. Moreover, China's services sector noticed an expansion in December, according to a survey.

In addition to that, a decline in crude supply following OPEC cuts and weaker US crude inventories also lent support to prices. Brent crude ended 2% higher at $57.06 a barrel, while WTI crude was 1.9% up at $49.76 a barrel.

 

On Friday, lower temperatures and increased demand for heating boosted British gas prices on the curve. The contract for delivery in Summer 2019 settled 2.2% higher at 54.53 p/therm. On the other side, NBP day-ahead price slipped by 0.3% to 60 p/therm, because of a slightly oversupplied system.

 

European prompt electricity prices fell in the two major markets on Friday, due to lower demand ahead of the weekend. Germany’s baseload price for day-ahead delivery stood 15.5% lower at 42.18 euros/MWh. The same French position’s price was 3.5 percent down at 62.66 euros.

 

The power forwards curve recovered after two days of losses, tracking bullish coal and carbon markets. Both German and French contract for 2020 delivery traded 0.6% higher at 49.50 and 52.66 euros/MWh respectively.

 

The upward trend in the entire energy complex led to higher European carbon prices on Friday, which rebounded after posting losses in the previous session. The carbon contract expiring in December 2021 ended 1.6% up at 24.90 euros a tonne.

 

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