Daily (14.01.2020): NBP spot 3.7% higher on Monday in a short system

14/01/2020 10:01 Daily

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Oil prices settled down for a fifth session in a row on Monday as traders evaluated the possibility of an oversupply in crude amid fading geopolitical tensions in the Middle East. Brent crude for March delivery declined by 78 cents, or 1.2% to settle at $64.20 a barrel. WTI, the US crude benchmark, settled down 96 cents, or 1.6%, to end at $58.08 per barrel.

A short system spurred British day-ahead prices on Monday. NBP spot rose by 3.7% to trade at 30.60 p/therm. Along the forward curve, prices were equally bullish, with gas for February 2020 delivery up 2.9% at 31.34 p/therm, while the gas price for year-ahead delivery increased by 0.9% to 42.50 p/therm.

 

Electricity spot prices in Europe moved downwards on Monday, weighed by forecasts for a considerable increase in wind power generation. German spot power collapsed by around 27% to trade at 23.36 EUR/MWh, while the French equivalent contract dipped 13% at 30.55 EUR.

 

Year-ahead contracts strengthened on Monday tracking a bullish energy complex. Both German and French power contracts for 2021 delivery rose by 0.5% to 45.42 and 46.75 EUR/MWh respectively.

 

EUAs expiring in 2021 shed 0.3% to close at 24.35 EUR/tonne on Monday, dragged down by a higher sale volume expected this week.

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