Daily (11.09.2017): European carbon prices hit a 19-month peak on Friday

11/09/2017 10:49 Daily


Oil prices dropped on Friday, on fears that energy demand would be affected hard as Hurricane Irma, one of the most powerful storms in a century, headed toward Florida and the Southeast. 

Brent crude price fell 71 cents, or 1.3 percent, to $53.78 a barrel, after hitting its highest level since April at $54.87. Meanwhile, WTI crude traded 3.3% down at $47.48 a barrel. Brent closed the week up almost 2 percent, while U.S. crude ended 0.4 percent higher, paring most of its earlier weekly gains on worries of the prolonged impact of hurricanes on demand and supply.


Prompt gas prices increased on Friday despite abundant flows from Norway as colder weather boosted demand. NBP gas price for day-ahead delivery soared by 0.37% to 45.95 p/therm. Meanwhile, the October delivery contract settled 0.75% down at 45.25 p/therm.


Spot electricity prices in Europe were mixed on expectations of higher thermal and renewable supply in the near term and following announcements of a strike of French energy workers on Monday that might influence power production. German baseload power for Monday delivery was 6.5 percent lower than the price paid for Sunday at 21.47/MWh. The equivalent French day-ahead contract rose 10 percent to 26.28 euros/MWh.


Benchmark German power for delivery next year surged further on Friday on the European wholesale market after touching its highest since March 2014 earlier in the session, due to gains in correlated fuels and carbon markets. 


The German baseload contract for delivery in 2018 rose 1.5% to 35.01 euros per MWh, or the highest level since March 2014. The equivalent French year-ahead contract, which is less liquid, was 0.7 percent up to 41.58 euros/MWh.

European carbon prices hiked to a 19-month peak on Friday, as the current rally indicated no signs of reduction, despite some market participants noticing that its sheer scale doesn’t appear to be completely supported by fundamentals. The benchmark Dec-20 EU carbon contract closed 2.3% higher at 7.26 euros a tonne.

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