Daily (14.06.2019): Oil prices hiked by 2.2% on Thursday, due to conflict in the Gulf of Oman

14/06/2019 09:34 Daily

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Crude oil prices rose on Thursday, after two oil tankers were attacked in the Gulf of Oman stoking fears of a new conflict between Iran and the United States, the latter blaming Tehran for the incident. As a result, Brent crude increased by 2.2% to $61.31 a barrel, while WTI futures closed 2.2% higher at $52.28 a barrel.

British gas prices added momentum on Thursday, due to an undersupply in the system and a rise in oil market prices due to conflict in the Gulf of Oman. NBP day-ahead price rose by 3.6% to 30.65 p/therm, while the contract for Q1 20 delivery traded 0.3% up at 55.82 p/therm.

 

European prompt power prices added ground on Thursday supported by forecasts showing a drop in renewable power generation in France and Germany despite mild weather. The price for the German spot power contract soared by 8.1% to 41.62 EUR/MWh, while the equivalent French contract settled 6.4% higher at 34.50 EUR/MWh.

 

Forward electricity prices also added gains, amidst firmed carbon, oil and gas prices. The price for the German power contract for delivery in 2020 climbed by 1.3% to 47.81 EUR/MWh, while the equivalent French contract ended 1.4% higher at 50.86 EUR/MWh.

 

EU carbon prices nudged up on Thursday, reacting to a jump in oil prices, while the ongoing Brexit negotiations limited gains. The price for the 2020-expiry contract traded 0.6% higher at 25.25 EUR/tonne.

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