Daily (23.10.2019): WTI crude jumped by 2.2% on Tuesday, due to progress in China-U.S. trade talks

23/10/2019 10:47 Daily

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Crude oil prices rose on Tuesday, after Washington and Beijing have made progress in trade negotiations, according to China’s Vice Foreign Minister Le Yucheng. Hence, Brent crude closed 1.3% higher at $59.70 a barrel, while WTI futures jumped by 2.2% to $54.48 a barrel.

British day-ahead wholesale gas prices jumped on Tuesday, bolstered by a decline in Norwegian flows and higher demand forecasts. As a result, NBP spot closed 7% higher at 24.35 p/therm. Meanwhile, the contract for delivery in Summer 2020 fell by 0.4% at 41.10 p/therm, on plentiful storage levels.

 

European prompt electricity prices lost ground on Tuesday. The French prompt power price dropped by 6.3% to 44.47 EUR/MWh, due to increased nuclear availability. At the same time, the German equivalent contract plunged by 7.1% to 43.52 EUR/MWh, on higher German wind output and lower demand due to milder weather.

 

Further on the curve, power prices also weakened, moving in tandem with carbon and gas prices. The German Cal 2020 delivery contract decreased by 2.2% to 47.76 EUR/MWh, while the French equivalent contract was 1.8% lower at 50.69 EUR/MWh.

 

European carbon prices slid on Tuesday, as UK struggles to get the Brexit deal sealed. The price for the contract expiring in 2021 fell by 1.1% to 26.17 EUR/tonne.

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