Daily (24.06.2019): NBP spot surged by 2.2% on Friday tracking the rise in oil prices

24/06/2019 11:10 Daily

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Oil prices surged on Friday on fears that the United States could attack Iran, which might lead to disrupted flows from the Middle East. Brent crude gained $0.75, or 1.2%, to close at $65.20 a barrel. WTI futures added $0.38, or 0.6%, to close at $57.43 a barrel.

British wholesale gas prices had an upward trend on Friday, tracking higher oil prices. Despite expectations for more LNG cargoes from Qatar, the NBP day-ahead gas price rose by 0.40 pence, or 2.2%, to settle at 27.60 pence/therm. At the same time, Winter 2019 delivery contract settled 2.3% higher at 51.36 pence/therm.


European prompt power prices fell on Friday on predictions for higher renewable electricity output. German day-ahead power price tumbled by 18.3% to 31.63 euros/MWh. The French spot power price sank by 28.3% to 24.31 euros/MWh.


Further along the curve, electricity prices soared on Friday amid a bullish energy complex. The German power contract for delivery in 2020 settled 1.3% higher at 47.52 euros/MWh. The French equivalent  contract ended 1% up at 50.49 euros/MWh.


European carbon prices were bullish on Friday due to a stronger gas market and a consolidated energy complex. A stronger euro which hit the highest level in three weeks also supported prices. The 2020- expiry contract ended 0.8% higher at 25.61 euros/tonne.

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