Daily (24.04.2020): NBP spot at 12 p/therm on Thursday due to robust flows and weak demand

24/04/2020 11:04 Daily


Crude oil futures gained ground for the second consecutive session on Thursday, with the U.S. WTI crude surging by about 20% as escalating tensions between Iran and the United States offset the deteriorating demand due to the coronavirus pandemic and the supply glut. 


Hence, WTI crude jumped by $2.72, or 19.7%, to settle at $16.50. However, analysts warn that crude prices could turn negative again.
At the same time, Brent crude surged by 96 cents, or 4.7%, to settle at $21.33 a barrel on expected accelerated output cuts from OPEC nations.


Thursday saw British gas prices in a bearish mood, with NBP spot 3.6% down at 12.00 p/therm, driven by a healthy supply and weak demand. On the curve, the gas price for year-ahead delivery declined by about 1% to 32.54 p/therm, tracking a bearish energy complex.

European spot electricity prices evolved differently on Thursday, with the German spot power falling sharply by 25.6% to 20.65 EUR/MWh on lower wind power generation forecast and weaker demand ahead of the weekend. On the contrary, the French day-ahead power price increased by 5.4% to 18.71 EUR/MWh following news about nuclear outage extensions in France.


Year-ahead power prices declined on Thursday, despite bullish coal and carbon markets. The German Cal’21 power price decreased by 1.6% to 38.03 EUR/MWh, while the price for the equivalent contract in France slipped by 0.2% to 43.68 EUR/MWh.

EUAs expiring in 2021 climbed by 1.8% to 21.41 EUR/tonne, buoyed by higher oil and equities prices. 


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