Daily (20.09.2019): NBP spot fell by nearly 3% on Thursday, as low wind and reduced French power output boosted gas-for-power demand

20/09/2019 11:29 Daily

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Crude oil prices turned bullish on Thursday, as traders started to doubt whether Saudi Arabia will be able to fulfill its pledge to restore lost production by September 30 and its capacity by November 30 after last weekend’s attack. Geopolitical risks were the main driver in the price rise, as the market await further reactions from Saudi Arabia and the U.S., which strive at building a peaceful coalition rather than engaging in a military action. A weaker U.S. dollar also supported prices. Brent crude rose by 1.3% to 64.40 USD/bbl, while WTI futures were rather steady at 58.13 USD/bbl. 

British gas prices varied on Thursday. NBP spot fell by 2.8% to 24.30 p/therm, amid lower gas-for-power demand caused by strong wind generation. Meanwhile, the July 2020 delivery contract edged 0.4% higher at 42.98 p/therm, stimulated by a decline in French power output due to a union strike at EDF. 

 

Sluggish consumption ahead of the weekend weighed on the European prompt electricity prices on Thursday. The price for the French spot contract slumped by 6% to 40.28 EUR/MWh, influenced by increased renewable power output. In the meantime, the German equivalent power contract settled 2.5% lower at 42.70 EUR/MWh. 

 

Forward electricity prices gained ground on Thursday, tracking bullish carbon and coal markets, and the upward movements in several gas futures. The German power contract for delivery in 2020 traded 1% higher at 50.12 EUR/MWh, while the equivalent French contract advanced by 0.8% to 52.33 EUR/MWh.  

 

The EU carbon prices reversed trend to climb on Thursday, boosted by renewed supply concerns and growing geopolitical tensions. The price for the 2021-expiry contract jumped by 2% to 26.58 EUR/tonne. 

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