Daily (10.10.2017): British spot gas price rose 3.1% on Monday due to lower flows from Norway

10/10/2017 11:16 Daily

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Oil prices surged on Monday after one of the most bearish weeks in months, encouraged by OPEC comments indicating the possibility of continued action to reinstate market balance in the long term. 

Brent crude traded 17 cents, or 0.3%, higher at $55.79 a barrel. Earlier in the session it touched a three-week low of $55.06. Last week, it settled 3.3 percent down, its biggest weekly loss since June 2017.

 

U.S. West Texas Intermediate crude futures was at $49.58 a barrel, up 29 cents. Earlier in the session, WTI price came close to a four-week low when it fell to $49.13. WTI posted a weekly loss of 4.6 percent last Friday.

 

Most of the British wholesale gas contracts rose on Monday because of lower flows from Norway. NBP day-ahead gas price jumped by 1.50 pence, or 3.1%, to close at 49.4 pence per therm. Along the forward curve, the Q1 2017 delivery contract was 0.12 pence, or 0.2%, up at 52.61 p/therm.


Increasing wind power supply weighed on German prompt power prices on Monday, while those in France were higher due to worries about tightness in nuclear power supplies. German baseload for Tuesday delivery shed 11.9 percent to 37.32 euros/MWh, while the equivalent French day-ahead price rose 9.2 percent to 58.31 euros/MWh.

 

Along the forward power curve, prices tracked lower levels in related fuels markets. Germany year-ahead contract slipped 0.7 percent to 35.19 euros/MWh. The French contract for 2018 delivery fell 0.6 percent to 42.40 euros/MWh.

 

EU carbon prices on Monday edged lower as observers informed that European lawmakers might fail to make good on their target to accomplish post-2020 ETS reform discussions this week.  December 2018 expiry EU carbon permits closed 0.6% down at 6.99 euros a tonne. 

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