Daily: British natural gas prices fell on warmer temperatures, oversupplied system

22/12/2014 00:51 Energy Market

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Crude oil boosted by as much as 5 percent on Friday, posting its largest increase in over two years as traders took profits on short positions after prices reached the weakest level since 2009. Brent crude for front-month delivery jumped $2.11, or 3.4 percent, to settle at $61.38 a barrel, after closing twice this week below the psychologically key level of $60, and continued to boost as high as $62.66 in post-settlement trade. WTI's front-month crude boosted $2.41 to close at $56.52 a barrel, ending the day on an unusually positive note at just 39 cents off the intra-day peak.

Meanwhile, prompt natural gas prices in Britain decreased on Friday, dragged down by an oversupplied system, as warmer temperatures saw weaker demand for energy for heating. Prices for within-day delivery declined 0.6 pence to hit 52.40 pence per therm at 09:51 GMT. European spot power prices tumbled on Friday slashed by higher wind speeds and milder weather, cutting price levels for delivery on Monday. German baseload for Monday dropped 6.55 euros to close at 15.45 euros ($19) per megawatt hour (MWh) from the price paid for Friday, while the equivalent French contract eased 75 cents to trade at 26.75 euros.

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