Daily (24.11.2020): Oil prices hit multi-month highs on Monday as the vaccine race intensifies

24/11/2020 10:19 Daily

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Crude oil futures hit multi-month highs on Monday as hopes of a new coronavirus vaccine 70% effective in late-stage trials unveiled by European drug maker AstraZeneca offset concerns about the surging number of infections and lockdown measures. Hence, Brent crude for January delivery soared by 2.5% to settle at $46.06 a barrel. Meanwhile, U.S. WTI crude rose by 1.5% to close at $43.06 a barrel.

British near-term gas prices gained ground on Monday, with NBP spot surging by 7.2% to 36.70 p/therm amid forecasts for cooler weather. Further along the curve, the gas price for year-ahead delivery increased by 2.4% to 35.10 p/therm, tracking bullish oil and carbon markets.


A colder weather forecast and an expected drop in renewables spurred European spot electricity prices at the begging of the new week. As a result, the German day-ahead power price rocketed by 38.7% to 42.03 EUR/MWh, while the French equivalent contract settled at 46.75 EUR/MWh, posting a 22% hike day-on-day.


Sentiment further out was bullish as year-ahead contracts followed a stronger energy complex. Consequently, the German Cal’21 power increased by 2.7% to 39.57 EUR/MWh, while the similar contract in France ended at 43.19 EUR/MWh, posting a 2.8% rise on a daily basis.


EUAs expiring in 2021 jumped by 1.9% to end at 27.41 EUR/tonne on Monday amid virus vaccine news.

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