Nov 15, 2024

Daily (15.11.2024): British gas prices hit a 1-year high on Thursday, amid supply concerns

Oil prices inched 0.4% higher on Thursday due to a technical rebound, with gains limited by the prospect of oversupply in the coming months. Brent crude closed at $72.56 per barrel, while WTI crude ended at $68.70 per barrel.

British gas spot price saw an increase of over 5%, with the NBP spot price climbing to 116.75 p/therm, driven by a rise in domestic demand for heating. On the forward curve, the NBP Sum-2025 contract jumped by around 5%, closing at 107.42 p/therm, amid supply concerns related to the expiration of the Russian gas transit via Ukraine at the end of the year.

In the European electricity market, the French spot price fell by 0.7%, closing at 124.12 EUR/MWh, supported by stable nuclear availability. In contrast, the German spot price gained around 2%, closing at 124.17 EUR/MWh, supported by lower renewable energy generation.

On the forward curve, electricity prices mirrored the bullish trend in gas, gaining nearly 5%. The German Cal'25 contract closed at 95.67 EUR/MWh, while the French Cal'25 contract ended at 78.78 EUR/MWh.

European carbon prices saw a significant rise, with the EUA Dec-2024 contract increasing by 3% to 68.27 EUR/tonne, supported by technical buying and gas prices hovering at a one-year high.

Source: www.energymarketprice.com