Daily (07.06.2019): NBP spot price plunged by 5.5% on Thursday, amid persistent oversupply

07/06/2019 09:32 Daily

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Crude oil prices rose on Thursday, following the hiking U.S. stocks which were boosted by a report showing that U.S. could delay tariffs on imported goods from Mexico. Brent crude added 1.7% to trade at $61.67 a barrel, while WTI futures jumped by 1.8% to $52.59 a barrel. Still, last week’s surge in U.S. crude stocks coupled with new threats from U.S. President Donald Trump to impose tariffs on further Chinese goods could limit the rally.

UK gas prices dipped on Thursday, amid continued system oversupply due to robust Norwegian flows and slack consumption. Moreover, one LNG cargo is due to unload in Britain one of these days. As a result, the NBP spot price slumped by 5.5% to 27 p/therm. Along the curve, the contract price for delivery in Q3 2019 tumbled by 3.3% to 30.28 p/therm.

 

European day-ahead power prices diverged on Thursday. The German spot power contract gained 3.1% to end at 37.61 EUR/MWh, due to firmer demand driven by high temperatures and the start of the cooling season. On the other side, the price for the equivalent French contract plummeted by 21.1% to 26.45 EUR/MWh, on forecasts for a steep increase in wind power output, stronger solar power supply and ample nuclear availability.

 

On the curve, electricity prices pared earlier gains, tracking the downward evolution in the carbon and gas prices. The German power contract for delivery in 2020 edged 0.6% lower at 47.17 EUR/MWh. In the meantime, the price for the equivalent French contract slipped by 0.2% to 50.22 EUR/MWh.

 

EU carbon prices extended losses into a second consecutive auction on Thursday, influenced by the bearish movements on the gas market. The contract expiring in 2020 inched down by 1.1% to 24.28 EUR/tonne.
 

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