Daily (13.06.2017): British prompt gas prices dropped significantly on Monday, by almost 6%

13/06/2017 11:25 Daily

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Oil slightly increased on Monday, mainly due to speculative traders, forecasts of lower U.S. inventories and news that Saudi Arabia will lower volumes of crude to some Asian buyers in July while deepening cuts to the United States. 

Brent crude for August delivery added almost 0.3% to settle at $48.29 a barrel, while the West Texas Intermediate for July delivery increased by 0.55% to settle at $46.08 a barrel on the New York Mercantile Exchange.

 

The week started bearish on the British wholesale gas market, with British prompt gas prices continuing to decline on Monday as high imports from Norway, combined with weak gas-for-power demand pushed prices lower. The NBP spot contract significantly dropped by 5.9% to end at 34.40 p/therm. The July 2017 gas contract fell by 2% to close at 35.99 p/therm.

 

European spot electricity prices rose on forecasts of higher demand and less wind power on Monday, as France was expecting an increase in temperatures causing more air conditioning usage. German spot power contract rose by 5.5% at 32.75 euros/MWh, while French spot power contract jumped by 16.73% to settle at 36.22 euros/MWh.

 

German and French forward electricity prices fell by 1.1%, to end at 30.67 euros/MWh and 36.05 euros/MWh accordingly.

 

European carbon prices dropped below €5 on Monday in a volatile session. The EUA Cal2018 contract was 2.36% down, settling at 4.97 euros/ton.

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