Daily (19.10.2017): Brent crude price hit $58.15 a barrel on Wednesday, or a 3-week high

19/10/2017 10:52 Daily

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Oil prices surged on Wednesday with Brent reaching 3-weeks high and then retreated after a surprising drop in U.S. refining rates and an unexpected build in U.S. fuel stocks. Nevertheless, the overall trend was bullish, as Iraq Kurdistan's oil exports more than halved after Iraq military operation. Another threat to oil supply is the ongoing dispute between the U.S. and Iran. President Donald Trump last week refused to certify Iran's compliance with a nuclear deal, leaving Congress 60 days to decide further action.

 

Brent crude edged $0.27, or 0.5%, up at $58.15, meanwhile the WTI price grew by 0.3% to $52.04 a barrel.

British wholesale gas prices rose on Wednesday, as lower imports from Norway led to a slightly undersupplied system and buyout most of the curve prices. NBP spot gas price closed 1.8% up at 45.5 p/therm. Further along the curve, the Winter 2018 delivery contract settled 0.8% higher at 50.36 p/therm.

 

European prompt electricity prices for day-ahead delivery slipped on Wednesday. German spot price lost almost 12% of its value to end at 46.35 euros/MWh, weighed down by forecasts of higher power generation from wind and solar sources in Germany. French spot price remained steady at 57.04 euros/MWh, as French nuclear power availability fell after EDF's Civaux 1 reactor was halted for maintenance. Prices on the forward curve were bullish. The German and French Cal 2018 power contracts ended around 1% higher at 36.82 euros/MWh and at 42.65 euros/MWh respectively.

 

European carbon prices increased by over 5% on Wednesday to their highest levels since January 2016 in response to the power markets trends, supported by French nuclear outages. December 2018 expiry contract ended at 7.84 euros/ton, while the EUA contract expiring in 2020 settled at 8.01 euros/ton. 

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