Crude oil prices lost ground on Wednesday, following EIA data which showed higher-than-anticipated crude inventories in the U.S. last week due to hampered crude cargoes traffic along the Houston Ship Channel and slower refining operations. The fall in prices was nevertheless limited by OPEC’s supply cuts and the disruption in Venezuelan exports caused by the second massive power blackout this month. Brent crude traded 0.2% down at $67.83 a barrel, while WTI futures lost 0.9 % to end at $59.41 a barrel. 

Stronger gas-for power demand driven by weaker wind generation led to an undersupplied system, boosting British gas prices on Wednesday. Moreover, lower flows from Norway supported the prices. The NBP spot price jumped by 3.3% to 37.45 p/therm. In the meantime, the contract for delivery in Summer 2019 hiked by 3.7% to 37.62 p/therm.

European day-ahead electricity prices climbed on Wednesday due to a drop in wind power supply. The German spot power price soared by 5.3% to 42.32 EUR/MWh. Meanwhile, the equivalent French contract closed 1.3% higher at 40.48 EUR/MWh.

Along the forward curve, power prices remained bullish, tracking the upward evolution in carbon and gas prices. The price for the German power contract for delivery in 2020 rose by 2.1% to 47.30 EUR/MWh. The equivalent French contract was 1.5% up at 50.41 EUR/MWh.

European carbon prices continued to post gains for the third day in a row on Wednesday, stimulated by bullish gas markets. The price for the 2021-expiry contract increased by 1.3% to 22.62 EUR/tonne, despite a weak trading activity.