Daily (31.05.2019): Oil prices fell on Thursday to a two-months low, due to high crude inventories and global economic concerns

31/05/2019 09:41 Daily

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Crude oil prices fell on Thursday to two-months low, due to a smaller-than-expected decline in U.S. crude inventories and concerns over a global economic downturn influenced by the China-US trade war. Brent crude plunged by 3.7% to $66.87 a barrel, while WTI futures settled 3.8% down at $56.59 a barrel.

British gas prices lost ground on Thursday, amidst warmer weather and high LNG arrivals. NBP spot plummeted by 4.8% to 27.48 p/therm, while the contract for delivery in Q4 2019 ended 1.2% lower at 50.14 p/therm.

 

European day-ahead power prices skyrocketed on Thursday, on expectations of increasing demand after the holidays in the region. The price for the German day-ahead power contract soared by 122.6% to 35.81 EUR/MWh, while the equivalent French contract closed 75.3% higher at 33.82 EUR/MWh.

 

Along the curve, electricity prices declined on lower carbon , gas and oil prices. The price for the German power contract for delivery in 2020 fell by 1.1% to 48.25 EUR/MWh, while the equivalent French contract traded 1% down at 51.29 EUR/MWh.

 

EU carbon prices lost momentum on Thursday, in a quiet session due to holidays. The price for the 2021-expiry contract traded 0.9% lower at 25.87 EUR/tonne.

Daily (13.11.2019): British spot gas price spiked by 6.5% on Tuesday on higher gas-for-power demand

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