Daily (11.07.2019): Oil prices soared by nearly 4.5% on Wednesday, ahead of the Gulf of Mexico storm and lower crude inventories

11/07/2019 11:23 Daily

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Oil prices soared on Wednesday, adding more than $2, after a greater than expected draw in U.S. crude oil inventories. The evacuation of several oil platforms in the Gulf of Mexico in advance of a tropic storm also supported prices. As a result, Brent crude hiked by 4.5% to $67.01 a barrel, while WTI futures closed 4.4% up at $60.43 a barrel.

British gas prices added ground on Wednesday amidst low wind generation and short supply. NBP hiked by 8.9% to 33.75 p/therm, while the contract for delivery in Q1 2020 traded 3.2% higher at 56.03 p/therm.

 

European prompt power prices were bullish on Wednesday as forecasts showed a sharp fall in renewables power output and a fall in French nuclear generation. Meanwhile, the German consumption remained firm. As a result, the price for the German day-ahead power contract climbed by 10.7% to 45.91 EUR/MWh, while the equivalent French contract settled 9% higher at 44.11 EUR/MWh.

 

On the curve, forward electricity prices also posted gains following a bullish energy market. The price for the German power contract for delivery in 2020 increased by 1.5% to 50.77 EUR/MWh, while the equivalent French contract traded 1.5% higher at 52.40 EUR/MWh.

 

EU carbon prices added momentum on Wednesday, reaching their highest level in 11 years, influenced by a lack of auction supply and stronger energy market. As a result, the price for the 2021-expiry contract traded 6.2% higher at 29.13 EUR/tonne.

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