Daily (11.06.2019): NBP spot jumped by 7.2% on Monday, due to annual maintenance works in Norway

11/06/2019 10:31 Daily

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Crude oil prices fell on Monday as Russia and Saudi Arabia didn’t yet agree on extending an output cutting deal, while US-China trade negations are still far from a positive outcome. As a result, Brent crude dropped by 1.6.% to $62.29 a barrel on Friday, while WTI futures lost 1.4% to settle at $53.26 a barrel.

 

Gas prices spiked on Monday, as maintenance works in Norway reduced flows in the system, while demand remained stable. Chillier weather and fewer LNG imports also supported prices. As a result, NBP day-ahead climbed by 7.2% to 30.40 p/therm, while the contract for Q1 20 delivery closed 2.3% up at 57.72 p/therm.

 

European day-ahead power prices reversed to their normal values on Monday, as EPEX resolved the technical issue that occurred in the previous trading session. The price for the German day-ahead power contract soared 193.8% back to 44.67 EUR/MWh, while the equivalent French contract closed 68.5% up at 40.33 EUR/MWh.

 

Forward electricity prices also climbed, tracking higher carbon and gas prices. The price for the German power contract for delivery in 2020 edged 0.9% higher at 48.10 EUR/MWh, while the equivalent French contract traded 0.8% higher at 51.16 EUR/MWh.

 

EU carbon prices added momentum on Monday, due to a lack of an auction and a public holiday across the major part of the continent. The price for the contract expiring in 2021 rose by 2.8% to 25.92 EUR/tonne.

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