Daily (18.04.2017): German spot power climbed by almost 135%

18/04/2017 10:10 Daily

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Crude oil recuperated earlier losses on Monday in passive trading, but signs that the United States is continuing to increase production offset strong economic growth in China and OPEC-led efforts to reduce output.

Brent crude prices were down 53 cents, settling at $55.36 per barrel at the beginning of the week.  U.S. West Texas Intermediate crude futures slipped back by 53 cents, closing at $52.65 per barrel on Monday. U.S. crude oil production registered 9.24 million barrels per day (bpd), according to the latest Energy Information Administration data, making it the world's third-largest producer after Russia and Saudi Arabia.

 

German spot power climbed considerably, or by almost 135% on Monday, hitting 34.30 euros per megawatt-hour (MWh), due to a higher demand caused by a cold weather. Meanwhile cold weather also affected French spot power prices, which show signs of recovering, jumping by around 15% to close at 35.69 euros per MWh.

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