Daily (28.10.2020): British near-term gas prices hit one-week low on Tuesday amid a less cold weather, strong wind power generation

28/10/2020 09:02 Daily

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Oil futures rebounded on Tuesday after the Tropical Storm Zeta slashed considerably the energy output in the Gulf of Mexico, while worries about the impact on demand from the ongoing surging globally in COVID-19 cases continue to weigh on the market.

 

Hence, Brent crude for December delivery rose by 74 cents, or 1.8%, to end at $41.20 a barrel. At the same time, U.S. WTI crude for December delivery soared by $1.01, or 2.6%, to settle at $39.57 a barrel.

 

British near-term gas prices fell to their lowest levels in a week on Tuesday, NBP spot declining by 1.1% to 40.35 p/therm amid forecasts of mild weather, strong wind power generation and demand concerns amid the worsening coronavirus pandemic.

 

Further along the curve, the gas price for Winter 2021 delivery added 0.2% to 43.75 p/therm, modestly supported by bullish oil and carbon markets.

 

Electricity prices in Europe tumbled on Tuesday, dragged down by surging coronavirus cases which darkened the outlook for the winter in terms of demand. As a result, the German day-ahead power price plummeted by 13.5% to 29.94 EUR/MWh, while the equivalent power price in France decreased by 1.8% to 38.20 EUR/MWh.

 

Year-ahead power contracts were also down, as coronavirus jitters weighed on the sentiment. Thus, the German Cal’21 power dropped by 2.6% to 38.61 EUR/MWh, while the similar power contract in France settled at 42.83 EUR/MWh, posting a 2% loss day-on-day.

 

EUAs expiring in 2021 added 0.8% to 24.24 EUR/tonne despite weak auction result and nervousness in wider financial markets.

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