Crude oil prices lost ground on Monday despite news that OPEC was supportive of extending a six-month deal to cut output as investors continue to be worried about increasing U.S. oil output and high inventories.
Brent oil for May delivery on the ICE Futures Exchange in London dipped 0.27% to settle at $51.62 a barrel. U.S. West Texas Intermediate crude May contract shed 1.15% to close at $48.22 a barrel.
European spot power prices surged on Monday, spurred by a decline in wind output in Germany, tight nuclear supply and the prospect of a strike at French group EDF's generation plants starting late on Monday. German prompt power for Tuesday delivery skyrocketed 55% at 30.47 euros per megawatt hour (MWh). The same French contract closed at 39.2 euros/MWh, 53% up from Monday.
Along the year-ahead power curve, prices tumbled tracking lower fuels. German year-ahead baseload was down 0.65% at 29.20 euros/MWh. The equivalent French contract decreased by 0.26% at 34.53 euros/MWh. Europe's carbon benchmark, Dec. '18, lost 2.9% at 5.03 euros/tonne and cif Europe hard coal for 2018 delivery shed 1.41% at $63.65 a tonne.
British prompt gas prices rose on Monday on anticipated stronger consumption for Tuesday. The NBP spot contract jumped 0.99% at 40.95 pence/therm. Further out the curve, prices declined on weaker oil prices and stronger pound. The April gas contract shed 1.7% to trade at 40.98 pence per therm.
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