Daily (20.04.2018): UK spot gas price surged by 4.5% on expectations of lower flows from Norway

20/04/2018 14:15 Daily

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Oil prices continued their bullish trend on Thursday, being backed by steady drawdowns in global supply and Saudi Arabia’s wish to rise more the prices.

Brent crude edged $0.30 up, or around 0.4%, to settle at $73.78 per barrel. U.S. West Texas Intermediate (WTI) crude futures declined by about 0.3 percent to 68.29 a barrel.


British wholesale gas prices surged on Thursday as lower wind power output and weaker flows from Norway were expected. British day-ahead gas price soared by 2.23 pence, or 4.5%, to settle at 51.33 p/therm. Q3 2018 delivery contract closed 2.5% higher at 49.67 p/therm.

 

 

European prompt power prices softened slightly on Thursday on forecasts for a rise in temperatures and lower demand. German baseload contract for day-ahead delivery lost 3% to end at 38.63 euros a megawatt hour (MWh), while French spot price fell by 3% to 39 euros/MWh.

On the year-ahead curve, Germany’s Cal’19 price jumped by 1.8 % to 38.70 euros/MWh. The French equivalent contract gained 1.6% at 43.43 euros/MWh.

 

EUAs slumped on Thursday despite a stronger auction. The carbon contract expiring in 2019 closed 3% down at 13.62 euros a tonne.

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