Daily (11.03.2020): Oil, stuck between coronavirus and price war, sharply recovered on Tuesday as Russia is open to renew cooperation with OPEC

11/03/2020 11:28 Daily

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Crude oil futures rebounded on Tuesday after having hit the worst session since 1991the previous day as ongoing talks between OPEC and Moscow remain possible.

Russian Energy Minister Alexander Novak suggested on Tuesday a possible change in its position, assuring that “the door was not closed”.
Brent crude for May delivery soared by $2.86, or 8.3%, to settle at $37.22 per barrel. Meanwhile, WTI crude surged by 10.4%, or $3.23, to settle at $34.36 per barrel.


British gas prices were mainly bullish on Tuesday, spurred by a recovery in oil prices, lower LNG supplies and forecasts for colder weather. NBP spot was ratherstable at 23.40 p/therm. However, the gas price for May delivery jumped by 4.9% to 22.71 p/therm, while the gas price for year-ahead delivery soared by 3.2% to 34.98 p/therm.

 

European spot electricity prices lost ground on Tuesday due to lower demand. The German day-ahead power price decreased by 2.4% to 22.69 EUR/MWh, while the price of the equivalent contract in France tumbled by 2% to 26.27 EUR.


Year-ahead power contracts firmed on Tuesday, recovering from the turmoil in global financial markets. The German Cal’21 power price rose by 1.9% to 40.03 EUR/MWh, while the similar contract in France increased by 1.5% to 42.05 EUR.


EUAs expiring in 2021 surged by 3.5% to 24.28 EUR/tonne tracking the markets’ recovery.

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