Daily (09.07.2020): Higher Norwegian flows led to an oversupply in the British gas system on Wednesday

09/07/2020 10:55 Daily

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Crude oil prices added momentum on Wednesday, following an increase in U.S. crude imports and a weekly decline in gasoline supplies that indicated an improvement in energy demand. Hence, Brent crude traded 0.5% higher at $43.29 a barrel. At the same time, WTI futures edged 0.7% higher at $40.90 a barrel.

Higher Norwegian flows put pressure on British wholesale gas prices on Wednesday leading to an oversupply in the system. As a consequence, the contract for delivery in Winter 2020 decreased by 0.7% to 34.83 p/therm. At the same time, NBP spot plunged by 8% to 23.10 p/therm, due to stronger Norwegian flows, rising wind output and plentiful LNG supply.

 

European spot electricity prices extended their gains on Wednesday on an increase in forecasted consumption. Hence, the French prompt power price rose by 0.7% to 41.54 EUR/MWh, while the German equivalent contract added 2.9% to close at 42.42 EUR/MWh.

 

Further on the curve, power prices weakened on Wednesday, following the decline in carbon prices. The German Cal 2020 delivery contract fell by 1.6% to 42.98 EUR/MWh, while the French equivalent contract was 1.1% lower at 47.71 EUR/MWh.

 

European carbon prices declined on Wednesday, pressured by speculative trading activity. The price for the contract expiring in 2020 declined by 0.2% to 29.32 EUR/tonne.

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