Markets This Morning
Crude oil prices have eased this morning as investors take profits after the global benchmark hit a fresh four-week high yesterday. The October contract for Brent last traded at $93.07 which is down 71 cents on last night’s close. Natural gas prices in the UK opened lower but have increased in the last hour as supply concerns rise. The front month for the NBP, September, is exchanging at 164.25p per therm, up 3.02p. The Winter and Summer contracts were traded heavily yesterday, and the front season has continued to climb this morning having added 2.65p at 165.25p while the Summer-27 contract has yet to trade. Prompt prices are edging higher too with the ask for the Day ahead product at 163.40p.
Yesterday in Summary
The Winter and Summer contracts for the NBP gained around 3.0% or 4.67p on average yesterday as the market added risk premium while talks for peace in the Middle East are stalled. President Trump has vowed to hurt Iran economically while also threatening to sanction any country offering aid to Tehran. Crude oil prices rose for a fifth session in a row with Brent for October delivery adding $2.16 a barrel to settle at $93.78, a new four-week high for the global benchmark. Carbon EUAs recovered after the losses on Wednesday with the Spot settling just above the 20-day average at €81.54 per tonne.
