Daily (12.09.2019): WTI crude lost almost 3% on Wednesday, on news that U.S. might ease sanctions on Iran

12/09/2019 11:31 Daily

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Crude oil prices declined on Wednesday, as U.S. administration could ease sanctions against Iran, thereby inflate global supplies. At the same time, both OPEC and EIA slashed demand forecasts this week. Consequently, WTI crude dropped by 2.9% to $55.75 a barrel, while Brent oil decreased by 2.5% to $60.81 a barrel.

Gas prices fell on Wednesday, as increasing wind generation trimmed gas- for-power demand. NBP day-ahead price plunged by 5.5% to 27.40 p/therm, while the contract price for delivery in Q1 2020 fell by 1.8% to 54.60 p/therm.

 

European spot power prices were bullish on Wednesday, as forecasts showed lower renewables output and weaker French nuclear power supply. The price for the German day-ahead power contract climbed by 11.4% to 37.78 EUR/MWh, while the equivalent French contract settled 14% higher at 37.39 EUR/MWh.

 

The echo after the latest news about some technical anomalies on some components of EDF’s French nuclear reactors lent further support to forward electricity prices on Wednesday. Despite weaker carbon and gas prices, the price for the German power contract for delivery in 2020 jumped by 1.8% to 50.78 EUR/MWh. The equivalent French contract settled 2% higher at 53.68 EUR/MWh.

 

EU carbon prices continued the downward evolution on Wednesday influenced by a bearish energy market. The contract expiring in 2021 fell by 1.6% to 26.88 EUR/tonne.

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