Daily (12.12.2017): UK spot gas price rose 11% on colder weather and higher demand

12/12/2017 11:27 Daily


Oil prices increased on Monday, overcoming declines early in the session, after a North Sea pipeline was closed for repairs and investors concentrated on commodities following an explosion in New York. Brent crude futures ended $1.29, or about 2 percent, higher at $64.69 a barrel. WTI crude price settled 1.1% up at $57.99 a barrel.

Gas prices hiked on Monday because of colder weather and rising demand. Continuing outages affecting production from storage site Rough, Centrica's Morecambe gas field, and reduced terminal flows through Teesside PX and Bacton Shell, added to the tight system. NBP day-ahead gas price surged by 6.45 pence, or 11.1%, to settle at 64.75 p/therm. Along the forward curve, Summer 2018 delivery contract soared by 3% to 44.73 p/therm. 


French day-ahead power prices hiked on Monday in the European wholesale market on lower temperatures, while prompt prices in Germany slumped due to increasing output from wind turbines. The French baseload contract for Tuesday delivery jumped by 38 percent to 77.86 euros/MWh. German day-ahead baseload electricity stood 17.6 percent down from the Monday price at 34.35 euros/MWh.

Prices along the power forwards curve edged slightly higher. Both French and German electricity contracts for delivery in 2018 were 10 cents up from the close on Friday at 43.4 and 37.26 euros/MWh respectively.

EU carbon prices edged higher on Monday after extending their five-week low on a weak auction, though purchasers prevented the benchmark contract from decreasing below a key support level above €7. The carbon contract expiring in 2018 closed 0.8% up at 7.23 euros a tonne.

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