Daily (16.01.2019): Brent crude jumped by 2.8% on Tuesday due to China’s potential fiscal stimulus

16/01/2019 11:13 Daily

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Oil prices jumped on Tuesday as China plans to implement fiscal measures aimed at stabilizing country’s slowing economy. Moreover, output cuts by OPEC and Russia also boosted prices. Brent crude rose by 2.8% to 60.64 USD/bbl, while WTI crude was up by 3.2% settling at 52.11 USD/bbl

British wholesale gas prices inched up on Tuesday as colder weather is expected during the week, although the system is well supplied. NBP spot price rose by 1.1% to 57.95 pence/therm. The NBP contract for delivery in February hiked by 2.2% to 60.61 pence/therm.

 

European spot power prices were mixed on Tuesday. The French power prices surged by 2.9% to 62.7 EUR/MWh on Tuesday, due to the postponement in the restart of several nuclear reactors. On the other side, forecasts for higher than average temperatures this week and weaker consumption led to a decline in the German power contract for day-ahead delivery, which traded 0.6% lower at 45.20 EUR/MWh.

 

Further along the curve, forward electricity prices advanced on Tuesday, due to stronger gains in coal, carbon emission rights and gas prices.  The French year-ahead contract gained 0.4% to 51.63 EUR/MWh, while the equivalent German contract ended 0.1% up at 48.10 EUR/MWh.

 

EU carbon prices slightly increased on Tuesday, awaiting the negotiations by UK lawmakers on Brexit deal. The 2020-expiry contract edged 0.3% higher at 23.09 EUR/tonne.

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