Daily (16.05.2019): British forward gas prices rose by almost 2% on Wednesday, tracking the bullish trend in oil prices

16/05/2019 10:36 Daily

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Crude oil prices rose on Wednesday, due to the conflict in the Middle East that could disturb global supplies. Meanwhile, a surprise rise in U.S. crude stocks limited the gains. Brent crude climbed by 0.7% to $71.77 a barrel, while WTI futures settled 0.4% up at $62.02 a barrel.

British gas prices were mixed on Wednesday. NBP spot declined by 0.6% to 32.00 p/therm, amid an oversupply in the system. Along the curve, gas prices reversed trend, adding gains due to an upward evolution of oil prices. The contract for delivery in Q3 2019 ended 1.5% higher at 35.63 p/therm.

 

European day-ahead power prices lost ground on Wednesday. The price for the German day-ahead power contract decreased by 2.7% to 39.73 EUR/MWh on high wind power output. Meanwhile, the equivalent French contract closed 2.4% down at 39.73 EUR/MWh, due to weak consumption and an increase in nuclear supply.

 

Along the curve, electricity prices inched up, tracking higher carbon and oil prices. The price for the German power contract for delivery in 2020 rose by 1.2% to 49.19 EUR/MWh, while the equivalent French contract traded 1.1% up at 52.21 EUR/MWh.

 

EU carbon prices added gains on Wednesday, after Donald Trump made a statement to soften EU trade tariffs. The price for the 2019-expiry contract traded 0.3% higher at 25.97 EUR/tonne.

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