Daily (10.06.2019): Oil prices climbed by over 2.5% on Friday, due to low rig counts and OPEC-led supply cuts extension

10/06/2019 10:56 Daily

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Oil prices rebounded on Friday, as U.S. recorded the lowest oil rig count in six months and energy firms focus more on earning growth instead of increasing output. Moreover, oil prices were supported by Saudi Arabia claims that OPEC is close to agreeing a further extension of supply cuts. As a result, Brent crude settled 2.5% up at 63.29$ a barrel, while WTI futures climbed by 2.7% to 53.99$ a barrel.

British gas prices rose on Friday, due to limited supplies from Norway and maintenance works at the North Sea's largest gas field. NBP spot climbed by 5% to 28.35 p/therm. Along the curve, the contract for delivery in Q3 2019 ended 3.5% higher at 31.34 p/therm.

 

European day-ahead power prices fell sharply on Friday, as European electricity exchange Epex Spot declared that most of the European spot power markets decoupled during the day-ahead power auction, impacted by a technical issue.  The price for the German day-ahead power contract plummeted by 226.6% to -47.60 EUR/MWh on, while the equivalent French contract closed 9.5% down at 23.93 EUR/MWh.

 

Along the curve, electricity prices inched up on Friday, tracking higher carbon and oil prices. The price for the German power contract for delivery in 2020 rose by 1.1% to 47.67 EUR/MWh, while the equivalent French contract traded 1% up at 50.74 EUR/MWh.

 

EU carbon prices added gains on Friday, following the bullish performance of the energy market and a decline in the auction supply. The price for the 2019-expiry contract traded 2.2% higher at 24.51 EUR/tonne.

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