Oil prices increased by 2% on Wednesday amid OPEC+ supply cut speculations
Falling U.S. stockpiles and warning from the Saudi energy minister that OPEC+ could reduce its production weighted on oil prices on Wednesday. Brent and WTI crude rose by 2% to settle at $78.36 and $74.34 a barrel respectively.
British near-term gas prices traded lower on Wednesday amid strong supply and expected increase in UK nuclear capacity. The NBP spot traded 4.8% lower at 64.90 p/therm. Further on the curve, gas prices for Win-23 delivery ended at 124.73 p/therm remaining flat amid solid supply.
European spot electricity prices retreated on Wednesday amid increased renewable energy generation. The Germany day-ahead power price fell by 20.2% to 81.65 EUR/MWh, while the similar contract in France ended at 71.84 EUR/MWh, dropping by 13.7%.
Front year electricity prices slightly declined in line with lower gas and carbon prices. The German Cal’24 power slipped by 1.1% to 133.01 EUR/MWh and French Cal’24 ended at 167.50 EUR/MWh, retreating by 2.9%.
European carbon prices experienced bearish pressure for the third day in a row amid increasing auction supply. EUA expiring Dec-23 declined by 0.4% to 86.15 EUR/tonne.
Source: www.energymarketprice.com