Crude oil prices inched higher on Wednesday, stimulated by upbeat economic comments from Jerome Powell, the Chair of Federal Reserve. A drop in U.S. crude stocks and a positive outlook on oil markets from OPEC also supported prices. On this background, WTI futures rose by 0.6% to $57.12 a barrel, while Brent crude edged 0.5% higher at $62.37 a barrel.

A rise in Norwegian flows via the Langeled pipeline and plenty of LNG supplies led to an oversupplied system, weighing on British wholesale gas prices on Wednesday. As a result, NBP spot fell by 1.4% to 38.50 p/therm. On the curve, the contract price for delivery in Q1 2020 declined by 0.3% to 43.10 p/therm.

European spot power prices fell on Wednesday as milder weather forecasts curbed demand. The German day-ahead power price dropped by 3.7% to 45.32 euros/MWh. The French spot power price fell by 6% to 53.08 euros/MWh.

On the curve, higher CO2 prices pushed the German Cal2020 delivery contract 0.2% up at 45.56 euros/MWh. However, the French equivalent contract ended 0.1% lower at 48.03 euros/MWh, amid weaker gas prices.

EU carbon prices recorded gains on Wednesday, due to weaker auction supply and optimistic economic data. The contract expiring in 2019 ended 1.1% higher at 24.39 EUR/tonne.