Daily (18.06.2019): NBP day-ahead climbed by 6.5% on Monday, due to an undersupply in the system and reshuffle of flows

18/06/2019 09:49 Daily

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Crude oil prices declined on Monday weighed by fears of an economic growth slowdown amid international trade disputes between U.S., China and India. However, the recent attack on two oil tankers in the Middle East limited losses. As a result, Brent crude dropped by 1.7% to $60.94 a barrel, while WTI futures lost 1.1% to settle at $51.93 a barrel.

British gas prices added ground on Monday, influenced by an undersupply in the system and a reshuffle of flows. Lower renewables output also supported prices. As a result, NBP day-ahead soared by 6.5% to 31.15 p/therm, while the contract for Q1 20 delivery closed 0.3% up at 55.33 p/therm.

 

European prompt power prices extended gains on Monday, due to rising demand in the region. The price for the German day-ahead power contract climbed by 38.3% to 42.28 EUR/MWh, while the equivalent French contract ended 21.5% higher at 33.77 EUR/MWh, influenced by a projected increase in consumption.

 

Forward electricity prices also added small gains, tracking higher gas prices. The price for the German power contract for delivery in 2020 edged 0.2% up at 47.62 EUR/MWh, while the equivalent French contract traded 0.1% higher at 50.58 EUR/MWh.

 

EU carbon prices were almost flat on Monday, despite early weakness on a bearish auction result, but ahead of a full week of sales. The price for the contract expiring in 2020 dropped by 0.1% to 25.32 EUR/tonne.

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