Daily (18.10.2017): British spot gas price surged 1.6% on colder weather and lower flows from Norway

18/10/2017 11:05 Daily

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Oil prices edged slightly higher on Tuesday, stabilising after prior gains and losses, as estimates of high U.S. output and exports offset concerns that fighting between Iraqi and Kurdish forces might menace the country's crude production. 

Brent crude futures rose 6 cents, or 0.1 percent, to end at $57.88 per barrel. Meanwhile U.S. crude was almost flat at $51.88. Both contracts traded up approximately 1 percent and down over 1 percent during the day.

 

Lower temperatures and reduced gas flows from Norway contributed to a surge in British prompt gas prices on Tuesday. NBP spot for Wednesday delivery increased by 0.70 pence, or 1.6%, to close at 44.70 pence per therm. Most of the forward contracts traded slightly down.  November 2017 delivery contract edged 0.2% lower at 49.79 p/therm.

 

European spot electricity prices for day-ahead delivery posted strong gains on Tuesday buyout by predictions of a sharp decline in wind and solar power generation. The German baseload electricity contract for Wednesday delivery soared around 40 percent or about 15 euros to 52.55 euros/MWh. The French equivalent contract was at 56.62 euros/MWh, up 1 percent or 58 cents.


Along the year-ahead power curve, contracts traded lower, despite the rise in fuels and carbon emission permits. Germany’s baseload price for year-ahead delivery fell 0.14 percent to 36.40 euros/MWh. The French 2018 contract dropped by 0.3 percent to 42.25 euros/MWh.


European carbon settled at its highest level in 21 months on Tuesday as prices were supported by a strong auction and bullish fundamentals. December 2020 expiry EU carbon permits ended 0.8 percent higher at 7.61 euros a tonne.


 

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