Daily (10.04.2019): NBP spot soared by over 10% on Tuesday amid system undersupply

10/04/2019 11:33 Daily

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Crude oil prices pared earlier gains on Tuesday, following an unexpected increase in U.S. crude inventories and Russia’s comments on a potential rise in its oil production after OPEC’s meeting in June. However, OPEC-led supply cuts as well as U.S. sanctions against Iran and Venezuela capped losses. Brent crude price edged down by 0.7% to $70.61 a barrel. The same decline was noticed in WTI futures, which ended at $63.98 a barrel.

British wholesale gas prices rebounded on Tuesday, after Norwegian flows through the Langeled pipeline dropped again. Moreover, lower LNG send-out coupled with firmer gas-for-heating demand driven by colder weather left the system undersupplied. The NBP spot price skyrocketed by 10.3% to 42.20 p/therm. In the meantime, the contract price for delivery in Q3 2019 surged by 3.4% to 43.50 p/therm.

 

Stronger demand due to falling temperatures led to a rise in the European day-ahead electricity prices on Tuesday. The German spot power price jumped by 2% to 42.82 EUR/MWh. Meanwhile, the price for the equivalent French contract hiked by 3.2% to 44.07 EUR/MWh, as a 24-hour strike at hydropower plants could reduce supply.

 

Along the forward curve, power prices were also bullish on Tuesday, tracking higher carbon, gas and coal prices. The German power contract for delivery in 2020 traded 0.3% up at 49.43 EUR/MWh. The equivalent French contract price added 0.4% to settle at 52.51 EUR/MWh.

 

The European carbon prices bounced back on Tuesday, nearing the highest level in 10 years, stimulated by hiking gas prices. The price for the 2021-expiry contract soared by 5% to 26.29 EUR/tonne.

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