Daily (11.11.2019): NBP spot jumped by 7.2% on Friday due to colder weather

11/11/2019 11:08 Daily

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Oil prices inched up on Friday despite U.S President Donald Trump not agreeing to decrease tariffs on China, but still accepting a potential deal to be struck by the end of the month. Hence, Brent crude traded 0.4% higher at $62.51 a barrel. WTI futures edged 0.2% higher at $57.24 a barrel.

British day-ahead gas price surged by 7.2% to 38.15 p/therm on Friday as low temperatures led to higher heating demand. Meanwhile, the Summer 2020 delivery contract dropped by 1.3% to 38.85 p/therm, on strong supplies from Norway.

 

European power prices were bearish on Friday on forecasts for a hike in German renewables production and increased nuclear generation in France. The German spot power price sank by 11.5% to 41.69 euros/MWh. Similarly, the French day-ahead power price tumbled by 13.8% to 41.69 euros/MWh.

 

Further along the curve, prices fell due to lower carbon and gas prices. The German Cal2020 delivery contract edged 0.5% lower at 46.18 euros/MWh . At the same time,the French equivalent contract traded 0.9% down at 48.50 euros/MWh.

 

European carbon prices were bearish on Friday  hitting a two-week low,  amidst weaker energy prices and macroeconomic concerns. The carbon contract expiring in 2021 ended 0.4% down at 25.23 euros/tonne.

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E.ON forecasts reduction in energy bills of at least £85 from Autumn

05/08/2020 11:25:00

The energy supplier says this change is due to the ‘dramatic’ fall in energy demand during the lockdown

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