Daily (24.01.2020): Energy prices in a bearish mood on Thursday on worries about coronavirus, weaker demand and milder weather

24/01/2020 11:16 Daily

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Oil prices ended lower on Thursday as the rapid spread of the new coronavirus could dent demand for black gold. Oversupply concerns, despite oil production disruption in Libya, also put pressure on prices.

Brent crude for March delivery fell by $1.17 or nearly 1.9%, to settle at $62.04 a barrel on ICE London. WTI crude decreased by $1.15, or 2%, to settle at $55.59 a barrel on NYMEX.

The British spot gas price moved downwards on Thursday, dragged down by a weaker demand and expectations for milder weather. UK’s gas for day-ahead delivery shed 0.5% to trade at 27.02 p/therm.


Along the forward curve, prices declined as well, with the gas price for Summer 2020 delivery down about 1% at 25.49 p/therm. At the same time, the gas price for year-ahead delivery dropped by around 1% to end at 37.22 p/therm.


European spot electricity prices shrunk on Thursday due to a higher wind energy generation. German day-ahead power lost 2.5% at 50.24 EUR/MWh, while the French equivalent contract eased 1.2% at 50.92 EUR.


Year-ahead power contracts lost ground, tracking a bearish energy complex. German Cal’21 power dropped by 2.8% to end at 42.18 EUR/MWh, while the same contract in France declined by 2.2% at 43.86 EUR.


EUAs expiring in 2021 fell 1.3% to stand at 24.90 EUR/tonne on Thursday amid worries about the eruption of the coronavirus.

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