Oil prices rose on Friday but fell for the third week in a row due to economic woes
After three days of losses for global benchmark Brent, the much-anticipated technical rebound in oil occurred on Friday. Hence,?Brent crude?soared by 3.9% to settle at $75.30 a barrel. Meanwhile,?U.S. WTI crude?surged by 4.1%, to close at $71.34 a barrel as U.S. employers added 253,000 jobs in April. However, prices slumped for the week amid persistent economic woes.
British near-term gas prices?gained ground on Friday, with NBP spot trading 2.8% higher at 82.75 p/therm as flows from Norway have fallen substantially. Along the forward curve,?the gas price for Win-23 delivery?rose by 0.9% to 141.39 p/therm, in tandem with a bullish energy complex.
European spot electricity?prices fell on Friday amid stronger winds.?The German spot?power shed by 6.8% to 89.52 EUR/MWh, while?the similar contract in France?tumbled by 8.7% to 89.22 EUR/MWh.?Front-year power prices?moved upwards, tracking bullish gas and carbon prices.?The German Cal’24 power?increased by 1.4% to 144.75 EUR/MWh, while?the French equivalent contact?gained 2.7% to 198.94 EUR/MWh.
?European carbon prices?increased slightly on Friday, tracking stronger gas prices.?EUAs expiring in Dec-23?added 0.3% to 84.96 EUR/tonne.
Source: www.energymarketprice.com