Daily (10.09.2019): NBP spot spiked by 6% on Monday, boosted by higher demand and firmer oil prices

10/09/2019 11:25 Daily

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Oil prices extended gains on Monday, after the new Saudi energy minister assured that his country will keep limiting oil production in order to help the oil market reach a better balance. As a result, WTI futures hiked by 2.4% to 57.85 USD/bbl, while Brent crude ended 1.7% higher at 62.59 USD/bbl.

British wholesale gas prices were mixed on Monday. The NBP spot price soared by 6% to 26.50 p/therm, as falling temperatures raised residential consumption. Moreover, a sharp decline in wind generation boosted gas-for-power demand. Firmer oil prices also supported the market. On the other side, the November 2019 delivery contract inched 0.8% lower at 42 p/therm, weighed by bearish carbon prices and upcoming LNG arrivals.

 

European spot power prices continued their upward evolution on Monday amid rising consumption due to a drop in temperatures below seasonal norms in the region. The German day-ahead power price climbed by 2.5% to 36.82 euros/MWh, while the French spot electricity contract posted a 8.6% hike, closing at 35.60 euros/MWh.

 

Further on curve, electricity prices also remained bullish on Monday, influenced by gains in several gas contracts, as well as by higher coal and oil prices. The German Cal20 delivery contract traded up by 0.2% at 47.92 euros/MWh. Similarly, the French equivalent advanced by 0.3% to 49.75 euros/MWh.

 

European carbon prices edged down on Monday amid surging auction supply and current political worries. The 2019-expiry contract settled 0.2% lower at 25.02 euros/tonne, with gains being capped by firmer coal prices and the upward movements in several gas contracts.

Daily (01.03.2021): Oil prices fell on Friday amid strong U.S. dollar, concerns of stronger supply, but notched weekly gains

01/03/2021 11:10:00

Oil prices fell on Friday amid a stronger U.S. dollar and concerns that crude oil supply would rise in response to prices rebounding above pre-pandemic levels. Hence, Brent crude declined by 75 cents, or 1.1%, to settle at $66.13 a barrel. Meanwhile, U.S. WTI crude settled $2.03, or 3.2%, lower at $61.50 per barrel. However, on a weekly basis, Brent surged by 5.1%, while WTI soared by 3.8% and both hiked by 20% in February on supply disruptions in the United States and optimism over demand recovery on the back of COVID-19 vaccination rollout.

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