Daily (19.11.2019): NBP spot fell by 2% on forecasts for lower heating and gas-for-power demand due to milder weather

19/11/2019 10:40 Daily

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Oil prices lost ground on Monday amid uncertainty over a trade agreement between the U.S. and China. Furthermore, worries about crude oversupply also put pressure on oil contracts. Brent crude dropped by 1.4% to $62.44 a barrel and WTI futures fell by 1.1% to $58.05 a barrel.

British wholesale gas prices declined on Monday on expectations for lower heating and gas-for power demand due to milder weather. NBP spot dropped by 2% to 38.33 p/therm. At the same time, the Summer 2020 delivery contract ended 2.2% lower at 38.01 p/therm.

 

European prompt power prices surged on Monday on forecasts for higher demand. The German spot power price soared by 22% to 46.49 euros/MWh. Moreover, the French day-ahead power price bolstered by 38.5% to 64.10 euros/MWh.

 

Along the curve, contracts were bearish on Monday, due to weaker carbon markets. The German Cal20’ delivery contract ended 0.9% lower at 45.13 euros/MWh. The French equivalent contract closed 0.8% down at 47.82 euros/MWh.

 

European carbon prices continued their bearish trend despite a stronger auction on Monday, to hit a six-week low, because of weaker energy markets. The carbon contract expiring in 2021 traded 1.8% lower at 23.79 euros/tonne.

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