WTI crude ended at its highest level of the year on Wednesday, amid fears of a tightening global supply and slowing U.S. inflation
Oil prices?climbed on Wednesday, with WTI crude ending at its highest level of the year, as fears of a tightening global supply and slowing U.S. inflation offset the slight rise in U.S. crude inventories. As a result,?Brent crude?ended at $87.33 a barrel, while?WTI crude?settled at $83.26 on Wednesday.
British near-term gas prices?lost ground on Wednesday, with NBP spot trading 1.5% lower to settle at 100.00 p/therm, amid strong LNG supply.
On the forward curve, planned maintenance at the Norwegian gas fields in the coming period pushed prices higher. As a result,?the gas price for Win-23 delivery?gained more than 1%, reaching 149.59 p/therm.
Spot electricity prices in Europe?jumped on Wednesday amid falling wind output.?The German day-ahead?power price rose by around 1% to settle at 108.41 EUR/MWh. Meanwhile, the?French equivalent contract?increased by 11% to settle at 116.85 EUR/MWh.
Front-year electricity prices?surged on Wednesday, tracking bullish gas prices. The?German Cal’24?power rose by around 3% to 154.16 EUR/MWh. Meanwhile, the?similar French contract?ended at 228.46 EUR/MWh.
On Wednesday,?European carbon prices?experienced a decline as the daily allowance auction was cleared at a lower price compared to the spot market. This is the first time this has occurred in almost two weeks. As a result,?EUAs expiring in Dec23?settled about 2% lower at 95.92 EUR/tonne.
Source: www.energymarketprice.com