Daily (29.11.2018): NBP spot gas price lost almost 5% on Wednesday, due to an oversupplied system

29/11/2018 11:48 Daily

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A decrease in oil crude prices was seen on Wednesday due to global oversupply. The price for Brent declined by 2.4% to $58.76 a barrel, or more than 30% down from a 4-year high reached in October. OPEC is planning a summit in Vienna next week to discuss the necessity of output reductions. Meanwhile, WTI crude traded 2.5% down at $50.29 a barrel.

British gas prices fell on Wednesday, as stronger production from wind farms weighed down on gas-for-power demand. Consequently, NBP spot price tumbled by 4.8% to 62.1 p/therm. Summer 2019 delivery contract settled 3% lower at 55.24 p/therm, as several LNG vessels are expected by the end of the week. 

 

On Wednesday, European prompt power prices diverged. The Germany electricity spot price for Thursday delivery dropped by 4.9% to 50.4 euros/MWh, due to forecasts for higher wind generation and milder weather. On the other side, the price for the French equivalent contract edged 0.2% higher at 62.38 euros/MWh, after an unscheduled outage at EDF’s Gravelines 3 power plant. 

 

On the forward electricity curve, prices declined, pulled down by bearish coal, gas and carbon markets. The German Cal’19 baseload electricity price fell 1.2% to end at 51.98 euros/MWh, while the French contract for 2019 delivery traded 0.9% down at 56.77 euros/MWh.

 

The bearish trend in EUAs prices on Wednesday was caused by a pessimistic outlook from traders and an abundant UK auction that cleared at a huge discount. The carbon contract expiring in 2020 closed 1.5% down at 20.18 euros a tonne.
 

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