Daily (22.03.2019): NBP spot gas price dropped by almost 2% on Thursday, on robust supplies and milder weather

22/03/2019 09:57 Daily

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Crude oil prices slipped on Thursday, on weaker global demand and trade worries. However, losses were limited due to reduced global stocks, OPEC-led supply cuts and U.S. sanctions on Iran and Venezuela. Brent oil dipped by 0.9% to $67.86 a barrel, while WTI futures edged 0.4% lower at $59.98 a barrel.

British gas prices fell on Thursday, due to ample supplies and milder temperatures that reduced demand for heating. NBP spot declined by 1.9% to 36.85 p/therm, while the contract for delivery in Q3 2019 traded 1.4% lower at 38.82 p/therm.

European day-ahead electricity prices surged on Thursday. The price for the German spot power contract rose by 2% to 40.57 EUR/MWh because of a decline in wind power output. Meanwhile, the equivalent French contract traded 1.3% higher at 40.45 EUR/MWh, as Golfech 2 reactor went offline for an unplanned maintenance.

 

Further along the curve, electricity prices were rather constant. The price for the German power contract for delivery in 2020 slipped to 45.88 EUR/MWh, while the equivalent French contract edged 0.4% higher at 49.29 EUR/MWh.

 

EU carbon prices lost ground on Thursday, on new prospects for a no-deal Brexit. The price for the 2020-expiry contract traded 3.2% lower at 21.28 EUR/tonne.

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