Daily (14.08.2019): Crude oil prices soared by nearly 5% on Tuesday, bolstered by the U.S. tariff delay on Chinese products

14/08/2019 11:46 Daily

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The U.S. announcement on Tuesday about the 10% tariff delay for certain Chinese products spurred the biggest daily percentage gain in crude oil prices since December. Prices were also boosted by an expected decline in the U.S. crude inventories and Saudi Arabia’s firm intention to support OPEC-led supply cuts. Against that bullish background, Brent crude spiked by 4.7% to $61.30 a barrel, while WTI futures surged by 4% to $57.10 a barrel. 

British wholesale gas prices added ground on Tuesday, as lower Norwegian flows through the Langeled pipeline left the system undersupplied. Traders also anticipated further supply reduction ahead of a planned outage at Nyhamna gas plant in Norway. Moreover, forecasts for reduced wind power output lifted demand for gas-fired generation. As a result, NBP spot traded 2.2% higher at 30.25 p/therm. At the same time, the contract price for delivery in December 2019 climbed by 1.7% to 52.88 p/therm. 

 

The European day-ahead power prices were mixed on Tuesday. The German spot power contract gained 1.9% to close at 38.77 EUR/MWh, amid weaker power output from wind turbines. On the other side, the price for the equivalent French contract slumped by 5.2% to 31.90 EUR/MWh, pressured by falling demand during the holiday season and a slack need for cooling due to comfortable weather. 

 

Along the curve, electricity prices slightly diverged, amid a firmer energy complex. The German power contract for delivery in 2020 hit a fresh one-month low on Tuesday, before edging 0.3% higher at 49.44 EUR/MWh stimulated by a recovery in carbon prices. Meanwhile, the equivalent French contract steadied at 51.55 EUR/MWh. 

 

The EU carbon prices rose back after slumping to a five-week low on Tuesday, supported by a strong auction, while buyers were looking for bargains. Consequently, the price for the contract expiring in 2020 increased by 1.5% to 27.38 EUR/tonne. 

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