Daily (12.01.2018): Oil prices at 3-year peaks on Thursday due to U.S. tightening supply

12/01/2018 10:45 Daily

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Oil prices settled at three-year highs on Thursday on signs of tightening supply in the United States. 

Brent crude futures ended 6 cents higher at $69.26 a barrel, after hitting $70.05 a barrel during the session, its highest level since November 2014. Brent has gained 5 percent since the beginning of the year. Brent has gained 5 percent since the start of the year, picking up from its late-year surge. 

 

U.S. West Texas Intermediate (WTI) crude futures settled at $63.80 a barrel, up 23 cents, the highest since December 2014.

 

 

British wholesale gas prices increased on Thursday as flows from Norway stay close to pipeline maximum capacity and are likely to remain at that level excluding any unplanned outages. NBP day-ahead gas price dropped by 0.70 pence, or 1.3%, to 53.30 p/therm. February 2018 contract traded 0.7% down at 54.38 p/therm.

 

European wholesale power prices dropped on Thursday on forecasts for warmer weather and more wind supply. The German baseload electricity contract for Friday delivery lost 12.3 percent to 41.88 euros/MWh. The equivalent French contract was down 7.6 percent at 44.41 euros/MWh.


Along the more distant curve, German Cal’ 19 power contract traded 1% lower at 35.8 euros. The equivalent French year-ahead contract ended 0.8% down at 40.77 euro/MWh.


EU carbon prices edged lower on Thursday despite an earlier spike after the day’s auction cleared hugely above market. The carbon contract expiring in 2019 closed 0.9% down at 7.87 euros a tonne.

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