Daily (13.06.2019): WTI futures lost 4% on Wednesday, due to rising crude inventories and weaker demand outlook

13/06/2019 10:53 Daily

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Crude oil prices tumbled on Wednesday, amid higher U.S. crude inventories and poorer demand outlook. US-China trade negotiation also weighed on prices. As a result, Brent crude plunged by 3.7% to $59.97 a barrel, while WTI futures lost 4% to settle at $51.14 a barrel.

 

British gas prices varied on Wednesday. NBP day-ahead inched up by 1% to 29.58 p/therm, due to maintenance work at one of the Norwegian gas fields. Meanwhile, forward prices posted losses, amidst ample supply and lower oil prices. The contract for Summer 20 delivery closed 0.1% down at 44.20 p/therm.

 

European prompt power prices lost ground on Wednesday weighed by an increase in output supply and falling demand. The price for the German day-ahead power contract decreased by 12.5% to 38.51 EUR/MWh, while the equivalent French contract settled 17.8% lower at 36.68 EUR/MWh.

 

Forward electricity prices also declined, tracking weaker fuels and carbon prices. The price for the German power contract for delivery in 2020 fell by 1.4% to 47.21 EUR/MWh, while the equivalent French contract traded 1.6% lower at 50.18 EUR/MWh.

 

EU carbon prices lost momentum on Wednesday, due to a slightly bearish energy market and uncertainty around Brexit. The price for the contract expiring in 2019 dropped by 0.6% to 24.82 EUR/tonne.

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