Daily (21.06.2019): Brent crude price jumped by 4.3% due to a potential military conflict between US and Iran

21/06/2019 11:00 Daily

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Oil prices surged on Thursday on worries about a conflict between Washington and Teheran, after Iran shot down a U.S. military drone. Prices were also backed by expectations that Fed would cut interest rates and U.S inventories would weaken. Brent crude rose by 4.3%, or $2.63, to $64.45 a barrel. At the same time, WTI futures added $3.31, or 6.2% to end at $57.07 a barrel.

 

Most of the British gas prices soared on Thursday due to an undersupplied system. The Winter 2019 delivery contract settled around 1% higher at 50.21 p/therm. However, NBP spot price lost 0.15 pence, or 0.6%, to close at 27.00 p/therm, as higher wind generation weighed on gas-for-power demand.

 

European power prices were mixed on Thursday. German spot price gained 6.3% to trade at 38.69 euros/tonne, on forecasts for weaker wind and solar generation. At the same time, the French day-ahead power price lost 2.2% to end at 33.89 euros/MWh, as consumption is likely to decline ahead of the weekend.

 

Further along the curve, European power prices were almost flat. The German Cal 2020 delivery contract inched down by 0.2% at 46.89 euros/MWh. The French equivalent contract traded slightly lower at 49.97 euros/MWh.

 

European carbon prices were bullish on Thursday due to the recent selling pressure. However, gains were limited by weaker demand. The 2020-expiry contract inched 0.6% higher at 25.41 euros/tonne.

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