Daily (12.07.2019): British forward gas prices rose by over 3% on Thursday due to a bullish energy complex and higher weekly oil prices

12/07/2019 11:28 Daily

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Oil prices lost ground on Thursday, amidst expectations of slower demand from OPEC members. However, the tensions in the Middle East and the expected storm in the Gulf of Mexico limited the downward trend. Consequently, Brent crude fell by 0.7% to $66.52 a barrel, while WTI futures dropped by 0.4% to $66.52 a barrel.

British gas prices added momentum on Thursday supported by short supply and higher weekly oil prices. NBP spot rose by 1.5% to 34.25 p/therm, while the contract for delivery in Summer 2020 traded 3.3% higher at 48.16 p/therm.

 

European prompt power prices fell on Thursday due to a rise in renewable power generation and increased nuclear power supply in France. The price for the German day-ahead power contract decreased by 1.5% to 45.24 EUR/MWh, while the equivalent French contract settled 7.2% lower at 40.92 EUR/MWh.

 

On the curve, forward electricity prices recorded gains tracking the bullish energy market and the rise in carbon prices. The price for the German power contract for delivery in 2020 increased by 2.2% to 51.86 EUR/MWh, while the equivalent French contract traded 2.4% higher at 53.65 EUR/MWh.

 

EU carbon prices nudged up, after strong gains in the previous sessions, while awaiting next moves of the market. As a result, the price for the 2021-expiry contract closed 0.2% higher at 29.19 EUR/tonne.

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