Daily (02.07.2018): WTI crude surged by 1% on Monday to hit a peak since November 2014

02/07/2018 13:50 Daily

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Oil prices climbed on Friday as U.S. sanctions against Iran at a time of escalating demand will most likely lead to a decline of crude volumes in the global market. Brent crude traded 2% higher to $79.44 a barrel. WTI crude hiked by 1% to hit its highest since November 2014 at $74.15 a barrel. 

An undersupplied system and the relaunch of exports to Belgium following a scheduled outage boosted several UK gas prices on the curve on Friday. August 2018 delivery contract surged by 2.9% to 55.24 p/therm. 


Meanwhile, forecasts for higher temperatures and lower demand weighed down on the NPB spot contract, which traded 2.8% lower at 52.9 p/therm.


Higher wind generation put pressure on European spot electricity prices on Friday. German spot power price dropped by 8.3% to end at 40.66 Eur/MWh, while the French equivalent contract settled 5.8% lower at 43.52 Eur/MWh.


However, electricity prices on the curve edged slightly higher on Friday tracking bullish coal and oil markets. The German Cal’19 contract gained 0.6% at 43.39 Eur/MWh, and the French next-year delivery contract ended 0.9% up at 48.25 Eur/MWh.


EU carbon prices were relatively stable on Friday.  The carbon contract expiring in 2021 closed 0.1% down at 16.00 euros a tonne, posting a 0.8% weekly loss. 
 

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