Crude oil prices were mainly flat on Friday, posting minor gains for the week, but speculators considerably cut long positions on worries that an OPEC production reduction was failing to slash a global supply glut.
Brent crude rose by 2 cents to settle at $51.76 a barrel, while U.S. WTI crude jumped 3 cents to end at $48.78 a barrel. Both benchmarks gained 0.8% for the week.
European prompt power prices for Monday delivery declined considerably on Friday amid an anticipated rise in output from wind, coal and lignite power generation. German prompt power for Monday delivery fell 31% to 19.67 euros/MWh, compared with the price paid for Friday delivery. The French equivalent contract stood at 25.66 euros/MWh, down 28% day-on-day.
Along the year-ahead power curve, prices diverged on Friday tracking lower carbon and stronger coal prices. The benchmark German Cal '18 baseload contract fell 0.70% to 29.39 euros/MWh. The equivalent French contract advanced 0.29% to 34.62 euros/MWh. Dec '18 EU carbon emissions allowances lost 0.19% to 5.18euros a tonne, while coal for 2018 rose 0.09% to $64.56 a tonne.
British wholesale gas prices shed on Friday amid an oversupplied system and a milder weather. The British day-ahead gas price slipped 0.86% at 40.55 pence per therm. Curve prices found support from a weaker sterling and higher oil prices. The NBP gas contract for year-ahead delivery increased by 0.40% to trade at 43.63 pence/therm.
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