Daily (27.03.2020): Crude oil fell on Thursday after three sessions of gains due to massive jobs claims in the U.S. and weak fuel demand

27/03/2020 09:19 Daily

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Crude oil futures fell on Thursday after three consecutive sessions of gains, due to the explosion in the number of jobless claims in the United States and a collapse in demand for black gold.

Consequently, Brent crude for May delivery dropped by $1.05, or 3.8%, to settle at $26.34 a barrel on ICE London. Meanwhile, U.S. WTI crude collapsed by 7.7% to end at $22.60 per barrel on NYMEX.


British gas prices were bearish on Thursday, with the NBP spot price nearly 11% down at 19.90p/therm, due to a higher wind power production outlook and a robust LNG supply.


On the curve, the gas price for Q3 2020 delivery dropped by 2.6% to 21.51 p/therm, while the gas price for year-ahead delivery decreased by 1.4% to 33.61 p/therm, tracking weaker oil prices.


European spot electricity prices diverged on Thursday. The  day-ahead power price in Germany plunged by 3% to 21.55 EUR/MWh amid a weaker demand. Meanwhile, the French day-ahead power price rose by 0.7% to 21.46 EUR/MWh due to an expected decline in wind power generation.


Year-ahead power prices gained ground tracking previous gains in the carbon markets.  The German Cal’21 power price bounced by 1.8% to 35.90 EUR/MWh, while the price for the similar contract in France soared by 2% to 40.01 EUR/MWh.


EUAs expiring in 2021 decreased by 0.9% to 17.70 EUR/tonne on Thursday as expectations for more economic measures did not succeed to offset the adverse impacts of Covid-19.

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