Crude oil prices continued their upward trend on Thursday, spurred by a larger-than-expected U.S. crude stockpile draw and by optimism about a coronavirus relief package in the United States and record-breaking refining demand in China and India. Hence, Brent crude rose by 42 cents, or 0.8%, to end at $51.50 a barrel. Meanwhile, WTI crude settled 54 cents, or 1.1%, higher at $48.36 per barrel. Both contracts closed again at nine-month highs.

A healthy supply due to mild weather put pressure on British near-term gas prices on Thursday. As a result, NBP spot decreased by 3.6% to 43.75 p/therm. Along the forward curve, the gas price for year-ahead delivery fell by 2.4% to 40.50 p/therm, shrugging off bullish oil and gas markets.

European spot electricity prices plummeted on Thursday due to above average temperatures for this time of year and stronger wind generation outlook. Thus, the German day-ahead power price shed by 4.6% to 42.51 EUR/MWh, while the French equivalent contract settled at 48.28 EUR/MWh, posting a 11.9% slump day-on-day.

Year-ahead power prices lost ground in tandem with weaker gas prices. The German Cal’21 power declined by 1.8% to 45.25 EUR/MWh, while the similar contract in France closed at 48.75 EUR/MWh, notching a 1.52% loss on a daily basis.

EUAs expiring in 2021 edged 0.6% higher at 31.96 EUR/tonne, buoyed by short auction supply and tighter EU climate targets.