Daily (25.03.2020): Oil rebounds on Tuesday on hopes for a recovery in the U.S. economy

25/03/2020 09:13 Daily

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Crude oil futures bounced on Tuesday on hopes that the U.S. unprecedented stimulus package would prop up the coronavirus-battered economy. Consequently, Brent crude for May delivery rose by 12 cents, or 0.4% to settle at $27.15 a barrel. At the same time, the U.S. WTI crude soared by 2.8% to $24.01 a barrel.

The British day-ahead gas price tumbled on Tuesday amid high storage inventories. Hence, the NBP spot declined by 2.3% to 21.45 p/therm.


Forward gas contracts moved downwards on Tuesday on continued worries about Europe’s energy demand due to the coronavirus spread. The gas price for Summer 2020 delivery decreased by about 1% to 21.60 p/therm.


Electricity spot gas prices in Europe rebounded on Tuesday due to weaker wind power generation and an increasing demand in Germany. The German day-ahead power price surged by 12.8% to 23.06 EUR/MWh, while the price for the equivalent contract in France soared by 11.7% to 22.47 EUR/MWh.


On the curve, the year-ahead power contracts also were bullish, tracking firmer carbon and coal prices. German Cal’21 contract increased by 3.7% to 35.18 EUR/MWh, while the similar contract in France edged 3.2% higher at 39.00 EUR/MWh.


European carbon prices were on the front foot on Tuesday as markets hit by the virus recovered slightly following government stimulus measures. EUAs expiring in 2021 rallied by 7.8% to 17.11 EUR/MWh. 

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