Daily (08.06.2018): UK gas price for July 2018 delivery rose 2.3% on Thursday due to an undersupplied system

08/06/2018 15:01 Daily

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Brent crude increased by 2.6% to close at $77.32 a barrel, due to a supply problem in Venezuela, where state-owned oil company tried to unload their products of approximately 24 million barrels, expecting to be conveyed to clients.

Moreover, continuing voluntary output reductions led by producer cartel OPEC boosted WTI crude contracts by almost 2% at $65.95 a barrel.

 

From June 8-12, maintenance is scheduled for the Teesside gas terminal, and all fields which provide St Fergus NSMP are offline until June 23. Consequently, NBP spot price edged 0.4% up at 57 p/therm, whereas the contract price for Q3 2018 delivery settled 2.3% higher at 55.63 p/therm.

On Thursday, European prompt power prices fell because of lower demand indications which outweigh reduced renewable supply.

 

The Germany baseload price for Friday delivery slipped by 0.4% to end at 49.4 euros/MWh. Furthermore, the French equivalent contract for Friday delivery lost 4.2% to close at 49.68 euros/MWh.

 

Prices on the forward curve edged higher on Thursday tracking the related carbon and fuels markets. The German Cal’ 19 baseload electricity price soared by 0.7% to end at 41.36 euros/MWh. The equivalent French contract for 2019 delivery had the same evolution, increasing slightly to 45.73 euros/MWh.

 

EU carbon contracts were slightly bullish on Thursday, failing, however, to gain more ground after a new strong session. The 2021-expiry contract price closed 0.4% higher at 17.01 euros a tonne.

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09/08/2018 11:08:00

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