Daily (11.09.2018): UK gas contracts hit new peaks on Monday, due to an undersupplied system and bullish carbon markets

11/09/2018 12:49 Daily

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Oil crude futures continued to rise on Monday, as a decline in exports from Iran ahead of the November deadline for the implementation of new U.S. sanctions supported prices. Brent crude traded 0.7% higher at $77.37 a barrel. However, WTI crude dropped by 0.3% to $ 67.54 a barrel, because of higher U.S. inventories.

UK wholesale gas contracts were bullish on Monday, due to an undersupplied system because of lower flows from Norway. Moreover, the upward trend in the carbon markets boosted prices on the curve. NBP spot price jumped by 3.1% to end at 77.00 p/therm. Meanwhile, the 2019 delivery contract was 3.7% higher at 70.19 p/therm. 

 

On Monday, European prompt power prices rose, due to lower supply in Germany and as several nuclear reactors are likely to postpone restarts in France. The Germany baseload price for Tuesday delivery soared by 15.4% to 57.80 euros/MWh. Furthermore, the French equivalent contract ended 9% up at 64.11 euros/MWh.

 

Prices on the forward curve were bullish, tracking the related carbon and fuels markets. Consequently, German Cal’ 19 electricity contract price soared by 4.1% to close at 56.72 euros/MWh. The equivalent French contract settled at 62.44 euros/MWh, or around 4.2% higher.

 

European carbon contracts gained another momentum on Monday and extended the 10-year peak, following a strong UK auction. The price for the contract expiring in 2020 surged by 8.7% to 26.08 euros a tonne.

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