Crude prices rose by about 2% on Friday amid stronger U.S. oil demand and lower output
Crude oil prices?gained ground on Friday after energy firms posted positive earnings and US data showed crude output was declining, while fuel demand was growing.?Hence,?Brent crude?rose by 1.5% to settle at $79.54 a barrel. Meanwhile,?US WTI crude?increased by 2.7% to $76.78 a barrel.
British near-term gas prices?moved downwards on Friday, with?NBP spot?trading 2.6% lower at 87.70 p/therm amid an oversupplied system. Along the forward curve,?the gas price for Win-23 delivery?decreased by 1% to 146.07 p/therm as overall supply situation remains solid across the UK.
European spot electricity prices?fell on Friday amid higher temperatures over May.?The German day-ahead power price?dropped by 5% to 100.65 EUR/MWh, while?the French equivalent?contract?shed by 4% to 100.44 EUR/MWh.
Front-year electricity prices increased?amid bullish carbon prices.?The German Cal’24 power?added 0.4% to 147.30 EUR/MWh, while?the similar contract in France?ended at 196.90 EUR/MWh, gaining 2.6% day-on-day.
European carbon prices?edged higher on Friday due to strong auction results. In addition, reduced auction volumes throughout May due to bank holidays could add further support.?EUAs expiring in Dec23?added 1.5% to 87.34 EUR/tonne.
Source: www.energymarketprice.com