Daily (12.12.2019): Brent crude down 1% on Wednesday following an unexpected increase in crude inventories

12/12/2019 11:48 Daily

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Oil futures ended lower on Wednesday after U.S. government data indicated a surprise increase in domestic supply in crude oil, as well as important gains in gasoline and distillate inventories. Brent crude for February delivery slipped by 62 cents, or around 1% to settle at $63.72 a barrel. WTI crude for January delivery declined 48 cents, or 0.8%, to close at $58.76 a barrel.

British prompt gas prices settled lower at 31.60 p/therm on Wednesday amid an oversupplied system. A supply glut is expected over the next few weeks, with 19 liquefied natural gas (LNG) tankers projected to arrive in Britain before end of the year. Forward contracts also lost ground, with the gas price for Summer 2020 delivery down by 2% at 32.93 p/therm, while the gas price for year-ahead delivery tumbled by 2.3% at 35.89 p/therm.


European spot power prices diverged on Wednesday, with German contract recording strong gains as wind power generation is expected to drop. German power for Thursday delivery jumped by 17% to 44.62 EUR/MWh, while the French equivalent contract plunged by 3% to 45.17 EUR/MWh due to high nuclear availability.


Along the forward curve prices declined, with German contract for 2020 delivery down 0.1% at 43.21 EUR/MWh, while the French contract down 0.5% at 46.17 EUR/MWh.


Carbon prices slipped on Wednesday following an aggressive trade and due to DEC-19 options expiry. EUAs expiring in 2020 fell 1.8% to 24.65 EUR/tonne.

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