Daily (18.05.2020): Brent crude gained 5% and WTI 19% for the week, driven by a mix of bullish news

18/05/2020 11:41 Daily

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Crude oil futures climbed on Friday, as worldwide countries eased travel restrictions and following the release of better than expected Chinese industrial production data, indicating a recovery in oil demand.

Hence, Brent crude settled up $1.37, or 4.4% a barrel at $32.50, while the U.S. WTI crude soared by $1.87, or 6.8%, to close at $29.43 a barrel. Both contracts posted gains for the third consecutive week. For the week, U.S. crude jumped by 19% and Brent crude rose by around 5% amid a cocktail of bullish news over the week.

 

An oversupplied system put pressure on the British day-ahead gas price on Friday, with the NBP spot falling by 5.9% to 11.90 p/therm.
On the curve, prices got a lift from crude oil euphoria, with the gas for year-ahead delivery 1.9% higher at 33.25 p/therm.


European spot power prices decreased sharply on Friday on stronger wind and solar power generation in Germany and France. As a result, the German day-ahead power price plunged by 19.5% to 16.95 EUR/MWh, while the French equivalent power contract dived by 14% to 16.00 EUR/MWh.


Year-ahead power prices edged higher, buoyed by higher carbon prices. Hence, the German Cal’21 contract and its equivalent in France added 1.8% each, to trade at 36.49 and 44.41 EUR/MWh respectively. 


EUAs expiring in 2021 rose by 1.8% to 19.54 EUR/tonne amid stronger energy prices and weaker supply expected over the next two weeks.

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