Daily (19.04.2019): NBP spot tumbled by 7.5% on Thursday due to weaker demand ahead of Easter holidays

19/04/2019 09:51 Daily

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The prospects of a tighter supply due to reduced crude exports from Saudi Arabia coupled with lower oil inventories and fewer active rigs in the U.S. led to a rise in crude oil prices on Thursday. A stronger dollar lent more support to prices. As a result, Brent crude traded 0.5% higher at $71.97 a barrel. In the meantime, WTI futures gained 0.4% to close at $64.00 a barrel.

UK gas prices slumped on Thursday, weighed by sluggish demand due to forecasts for warmer weather and higher wind power output. The NBP spot price tumbled by 7.5% to 33.20 p/therm, while the contract price for delivery in September 2019 dropped by 4.2% to 40.66 p/therm.

Thursday saw a sharp fall in the European day-ahead power prices, on forecasts for reduced consumption ahead of the four-day Easter holiday and higher-than-average temperatures. The price for the German spot power contract dipped by 17.1% to 33.84 EUR/MWh. Meanwhile, the equivalent French contract price sank by 12.6% to 36.30 EUR/MWh.

 

Along the curve, electricity prices also lost ground, tracking the downward evolution in carbon prices and a weaker energy complex. The German power contract for delivery in 2020 edged 0.7% down at 50.65 EUR/MWh. The same decline was noticed in the equivalent French contract, which ended at 53.45 EUR/MWh.

 

EU carbon prices reversed trend to drop on Thursday, as traders aimed at taking profits ahead of the long weekend. The price for the 2020-expiry contract fell by 2.1% to 27.19 EUR/tonne, influenced by a bearish energy complex.

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