Daily (10.07.2019): NBP spot declined by 3.7% on Tuesday, as a correction from the previous bullish session

10/07/2019 10:32 Daily

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Crude oil prices nudged up on Tuesday, due to OPEC+ supply cut extension and rising tensions in the Middle East. However, U.S.-China trade dispute limited the gains. As a result, Brent crude inched up by 0.1% to $64.16 a barrel, while WTI futures closed 0.3% higher at $57.83 a barrel.

British gas prices were mixed on Tuesday. NBP spot corrected its earlier bullish trend, losing 3.7% for the day and closing at 31.00 p/therm. On the curve, gas prices added momentum tracking higher oil prices. The contract for delivery in Q4 2019 traded 0.6% higher at 46.52 p/therm.

 

European prompt power prices were bullish on Tuesday due to lower wind supply in Germany and stronger demand in the region. The price for the German day-ahead power contract climbed by 10.9% to 41.47 EUR/MWh, while the equivalent French contract settled 13.6% higher at 40.47 EUR/MWh.

 

Meanwhile, forward electricity prices lost ground following lower carbon prices. The price for the German power contract for delivery in 2020 edged 0.9% down to 50.01 EUR/MWh, while the equivalent French contract traded 0.8% lower at 51.65 EUR/MWh.

 

Despite a strong auction demand, EU carbon prices slid on Tuesday, tracking a drop in spot gas prices. As a result, the price for the 2021-expiry contract traded 0.9% lower at 27.42 EUR/tonne.

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