Daily (30.10.2019): NBP spot dipped by 4.7% on Tuesday due to low demand and firm supplies

30/10/2019 11:24 Daily

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Crude oil prices diverged slightly on Tuesday. Brent crude was almost flat at $61.59 a barrel amid signs that U.S.-China trade differences might temper in November and on expectations for a draw in the U.S. refined product inventories. In the meantime, predictions of a rise in the U.S. crude stocks and Russia’s reserved outlook for a potential crude output extension by OPEC+ pushed WTI futures 0.5% lower at $55.54 a barrel. 

Weaker gas-for-power demand and steady LNG supplies dragged down British wholesale gas prices on Tuesday. The high level of storages also weighed on prices. As a result, NBP spot price sank further by 4.7% to 25.10 p/therm. The January 2020 delivery contract lost 1.1% to close at 45.06 p/therm. 

 

European spot power prices were mixed on Tuesday. The German spot power price slid by 0.2% to 48.02 euros/MWh, despite forecasts for weaker wind generation and firmer demand. Meanwhile, the French day-ahead power price rose by 2.2% to 49.66 euros/MWh due to stronger consumption.

 

On the curve, electricity prices moved upwards on Tuesday, tracking the bullish trend in the carbon market. The German power contract for delivery in 2020 was 0.6% higher at 46.94 euros/MWh. The same increase was noticed in the equivalent French power contract, which traded at 49.75 euros/MWh. 

 

EU carbon prices continued to climb on Tuesday, amid receding fears over a no-deal Brexit as traders anticipated that the UK Parliament would back a general election on December 12. The 2020-expiry contract added 1.3% to end at 25.61 euros/tonne.

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