Daily (26.03.2019): NBP spot down by 2.5% on Monday due to stronger Norwegian flows

26/03/2019 10:23 Daily

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Oil prices had a mixed evolution on Monday, amid concerns over a potential decline in crude supply ahead of the weekly U.S. inventories data. WTI futures traded 0.4 % down at 58.82 USD/bbl. In the meantime, the Brent crude price edged 0.3% up at 67.21 USD/bbl, supported by steady OPEC’s production cuts and an improved German business climate index which eased the prospect of a recession in Europe's biggest economy. 

Higher flows from Norway through the Langeled pipeline led to an oversupplied system, weighing on British gas prices on Monday. The NBP spot price dropped by 2.5% to 35.75 p/therm, while the contract price for delivery in Summer 2019 fell by 1.6% to 36.14 p/therm.

 

A stronger demand supported the European day-ahead power prices on Monday. The German spot power price hiked by 2.5% to 36.50 EUR/MWh, boosted by weaker wind output. The equivalent French contract price surged by 4.8% to 37.29 EUR/MWh, despite increased nuclear availability.

 

Along the forward curve, electricity prices continued to lose ground, influenced by falling gas prices. The price for the German power contract for delivery in 2020 was 0.6% down at 45.24 EUR/MWh. The equivalent French contract ended 0.5% lower at 48.68 EUR/MWh.

 

European carbon prices recouped earlier losses on Monday in a stronger trading, despite ongoing Brexit uncertainty. The contract expiring in 2021 traded 1.1% higher at 21.70 EUR/tonne.

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