Daily (20.06.2019): NBP spot tumbled by more than 10% on forecasts for stronger LNG supply and warmer weather

20/06/2019 10:53 Daily

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Calmer U.S equity markets led to a decline in oil prices on Wednesday. Brent crude ended 32 cents, or 0.5%, down at $61.82 a barrel. Meanwhile, WTI futures lost $0.14, or 0.3%, to close at $53.76 a barrel.

UK gas prices dropped on Wednesday on expectations for new LNG supply and higher temperatures for the next week. NBP spot price fell 3.05 pence, or 10.1%, to trade at 27.15 p/therm. Further along the curve, the Q3 2019 delivery contract settled 4.2% lower at 28.37 p/therm.

 

European prompt power prices were mixed on Wednesday. The German spot electricity price lost 11.7% to close at 36.39 euros/MWh, as holiday in certain parts of Germany reduced demand. However, the French day-ahed power price surged by 4.6% to end at 34.66 euros/MWh, on prospects of lower supply.

 

Further along the curve, prices lost ground on Wednesday, tracking a bearish energy complex. The German Cal 2020 delivery contract inched 1.5% down at 46.97 euros/MWh. The French equivalent contract traded 1.2% lower at 49.98 euros/MWh.

 

European carbon prices had a downward evolution on Wednesday, staying however close to the €25 level, as the Jun-19 options expired. The carbon contract expiring in 2019 ended 0.6% lower at 24.96 euros/tonne.

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