A bullish energy complex on Tuesday after Easter Holidays
Crude oil prices?increased on Tuesday, boosted by an unexpected build in US inventories. Demand optimism and last week's announced OPEC+ cuts counterbalanced ongoing worries about economic slowdown in the West. Hence,?Brent crude?soared by 1.7% to settle at $85.61 a barrel.?WTI crude?ended 2.2% higher at $81.53 a barrel.
British near-term gas prices?were bullish on Tuesday, with NBP spot trading 1.5% higher at 101.50 p/therm as strikes at French LNG terminals intensified concerns over supply. On the forward curve, the gas price for Win-23 delivery jumped by 3% to 147.87 p/therm amid fears of supply disruptions.
Electricity year-ahead prices in Europe?had an upward trend on Tuesday. The German Cal’24 contract ended 3.1% up at 149.97 EUR/MWh, while the similar contract in France closed 3.8% higher at 227.57 EUR/MWh, tracking bullish carbon prices. Spot contracts also gained ground on Tuesday, with the German day-ahead power price around 80% higher at 107.69 EUR/MWh and the French equivalent contract 16.5% higher at 105.54 EUR/MWh, due to stronger demand after Easter Holidays.
European carbon prices?rose on Tuesday supported by increasing auction demand due to the upcoming compliance buying deadline and amid bullish technical signals. As a result, EUAs expiring in Dec-23 added 0.8% to?settle at 97.44 EUR/tonne.
Source: www.energymarketprice.com