Both versions of the UK power Day-Ahead firmed on Wednesday, resisting bearish sentiment from the NBP prompt, instead responding to lower forecasted wind generation for Thursday. The majority of curve products, however, moved in line with the equivalent NBP contracts which strengthened following a late rally by the Crude bellwether product.
Crude settled above its last close price as the EIA reported a decline in U.S. Crude inventories, rather than an expected rise. Crude stockpiles fell by 522,000 barrels last week, while expectations of a possible output freeze following talks between OPEC provided further support to the benchmark.
The GB Pound continued to lose ground against the Euro despite early strength after better than expected employment data. The strength from the GB Pound was short-lived as the possibility of further monetary easing from the Bank of England weighed down the market.
A weak GB Pound tends to push up curve products as buying interest from traders dealing in Euros increases. Contracts throughout the curve also received support from coal which settled the session above its previous close price.