Daily (14.06.2018): NBP day-ahead gas price jumped by 3.4% on Wednesday due to an undersupplied system

14/06/2018 14:17 Daily

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Increased demand in fuel consumption in the United States and lower crude inventories boosted oil prices on Wednesday. Brent crude futures rose by 1.1% to settle at $76.74 a barrel. U.S. West Texas Intermediate (WTI) crude futures added 28 cents, or 0.4%, to $66.64 a barrel.

An undersupplied system due to maintenance reasons at the Britain-Belgium interconnector resulted in a surge in gas prices on Wednesday.  The July 2018 delivery contract traded 3.2% higher at 56.84 p/therm. NBP spot price soared by 3.4% to close at 55.9 p/therm.


European power prices for day-ahead delivery dropped on Wednesday, due to forecasts for a dip in demand, and higher electricity generation from nuclear and solar power sources.

 

As average temperature is expected to increase in France and Germany, the power prices for day-ahead delivery decreased by 4.8% and 9.4%, to settle at 45.93 and 43.65 EUR/MWh respectively.

 

Along the forward electricity curve, prices surged along with bullish oil, gas and carbon markets. The German year-ahead contract ended at 42.3 EUR/Mwh, or up 0.7%. The French equivalent Cal’19 contract edged 0.4% higher at 45.93 euros/MWh.

 

After the market managed to grip a significant UK auction on Tuesday, EU carbon prices gained ground on Wednesday. The CO2 contract expiring in 2019 hiked by 1.1% to close at 15.54 euros a tonne.
 

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