Daily (22.05.2020): NBP spot down 19% due to oversupply and weak demand

22/05/2020 09:27 Daily


Crude oil futures continued to climb in an optimistic climate on Thursday, to hit their highest settlement since March amid lower U.S. inventories and hopes for a recovery in demand for black gold.

Hence, Brent crude for July delivery rose by 31 cents, or 0.9%, to settle at $36.06 per . At the same time, U.S. WTI crude gained 43 cents, or 1.3%, to end at $33.92 per barrel.


The British day-ahead gas price plunged by 19% to reach a two-decade low at 8.55 p/therm on Thursday, dragged down by lower gas-for-power demand due to the coronavirus and robust renewable energy generation. On the curve, the gas price for year-ahead delivery dropped by 1.4% to 33.20 p/therm, tracking an overall bearish picture.

European spot power prices lost ground on Thursday, trading in very thin volume due to the Ascension Day holiday. As a result, the German day-ahead power price decreased by 3.8% to 18.83 EUR/MWh, while the price for the equivalent contract in France dived by 17.2% to 14.75 EUR/MWh.


Year-ahead power prices diverged, with the German Cal’21 power contract 0.6% down at 37.31 EUR/MWh amid a bearish energy complex, while the similar French contract rose slightly by 0.5%, to stand at 45.14 EUR/MWh.


Despite bullish technical indicators, EUAs expiring in 2021 lost 0.4% at 21.55 EUR/tonne, tracking lower gas prices.

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