Daily (24.03.2020): NBP spot fell by 7% amid weak demand and supply glut

24/03/2020 11:43 Daily

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Crude oil prices ended higher in a volatile session on Monday, after Fed announced extensive new measures to support the economy crippled by the coronavirus. Moreover, the U.S. indicated the possibility of an alliance with Saudi Arabia to stabilize prices. However, the sentiment remains bearish on worries about economic recession.

Brent crude for May delivery rose slightly by 0.2% to settle at $27.03 a barrel on ICE London. Meanwhile, U.S. WTI crude soared by 3.2% to close at $23.36 a barrel on NYMEX. Last week, Brent lost almost 20% of its value, while the WTI dropped by almost 30%.


A weaker demand due to rising temperatures and a supply glut weighed on the British day-ahead price on Monday. Consequently, NBP spot gas fell sharply by 7% to 21.95 p/therm.


Further along the curve, prices turned bearish amid a weaker energy complex, with the gas price for May delivery 3.4% lower at 20.80 p/therm. The gas price for year-ahead delivery lost 0.2% at 33.13 p/therm.


European electricity prices ended on a mixed note on Monday, with spot prices registering a sharp hike on the back of increasing demand and falling wind power generation. The German day-ahead price skyrocketed by more than 90% to 20.45 EUR/MWh, while the price for the French equivalent contract surged by 73% to 20.12 EUR.


Year-ahead power prices plummeted as carbon prices crashed. The German Cal’21 power price decreased by 2.8% to 33.94 EUR/MWh, while the similar contract in France traded 1.4% lower at 37.78 EUR/MWh.


EUAs expiring in 2021 collapsed by 3.4% to 15.88 EUR/tonne as the coronavirus outbreak weakened demand.

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