Daily (23.03.2017): British prompt gas prices fall on oversupply from Norway

23/03/2017 11:00 Daily

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Oil prices recuperated much of their losses after decreasing to almost four-month lows on Wednesday, as data indicated that U.S. crude inventories rose faster than anticipated.

  

U.S. West Texas Intermediate (WTI) crude futures for May settled 20 cents lower at $48.04 per barrel, after having attained a session low of $47.01.Global benchmark Brent crude futures for May delivery dropped by 32 cents settling at $50.64 a barrel. The contract fell as low as $49.71.

 

British wholesale gas prices fell on Wednesday, as imports from Norway increased. The weather is expected to be colder in the next few days, which could increase demand for gas for heating.UK day-ahead gas slippedby 0.20 pence ending the session at40.20 p/therm. NBP gas for delivery in April fell by 0.11 pence to 40.27 p/therm.

 

European forward electricity prices for year-ahead delivery reached their lowest level since early December on Wednesday, following the decline in other energy prices led by oil.

 

The baseload German spot power price for Thursday delivery dropped by 3.75 percent, or 1.33 euros, to 34.17 euros/MWh compared with the price paid for Wednesday delivery. The equivalent French contract fell 1.86%, or 0.70 euros to 37.25 euros/MWh.

 

The benchmark German baseload for delivery in 2018 slipped by around 1% to 28.39 euros/MWh, while the equivalent French contract decreased by 0.73 percent to 33.87 euros/MWh.

 

EU carbon prices prolonged the preceding session’s one-month low on Wednesday since prices continued to edge in the €5 mark. EUA emissions in December 2017 contract were traded 3 cents higher to settle at 5.01 EUR/tonne.

 


 

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