Daily (01.10.2020): UK forward gas prices fell by over 2% on Wednesday, amid rising Norwegian flows and weaker oil prices

01/10/2020 11:27 Daily

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Crude oil prices were almost flat on Wednesday on US financial stimulus hopes, and as global fuel demand concerns are still present amidst the coronavirus pandemics.  As a result, the price for Brent crude decreased by 0.2% to $40.95 a barrel. Meanwhile, WTI futures added 2.4% closing at $40.22 due to an expected drop in US crude inventories.

UK futures gas prices fell on Wednesday on the back of weaker oil prices. In this context, the price for Q2 2021 delivery decreased by 2.1%, to close at 34.33 p/therm. Similarly, NBP spot decreased by 4.4% to end at 33.80 p/therm after hitting year highs in the prior session, as Norwegian pipeline flows restarted after the end of maintenance.

 

European spot power contracts were bearish on Wednesday, as increasing wind and nuclear power put pressure on prices. The price for the German day-ahead power contract fell by 18.4% to 41.02 EUR/MWh, while the equivalent French contract settled 13.2% lower at 44.09 EUR/MWh.

 

On the curve, forward electricity prices lost ground due to lower gas prices. The price for the German power contract for delivery in 2020 edged 1.1% lower at 41.63 EUR/MWh, while the equivalent French contract settled 1.5% lower at 47.18 EUR/MWh.

 

European carbon prices inched higher on Wednesday, on the back of a stronger UK action. EUAs expiring in December 2021 increased by 0.5% to settle at 27.14 EUR/tonne.

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