Daily (13.09.2017): German spot electricity prices down by over 53%, on forecasts of strong wind power supplies

13/09/2017 11:06 Daily

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Oil prices increased on Tuesday after OPEC declared it predicted higher demand for its crude next year. 

Besides, restarting refineries after flooding is a sluggish and intricate process, plagued with security risks. Brent crude price surged by 43 cents, or 0.8 percent, to end at $54.27 a barrel. Meanwhile, the U.S. West Texas Intermediate (WTI) rose 0.3 percent to $48.23 a barrel. 

 

Prompt gas prices soared on Tuesday on lower temperatures and as repair work on the Entry SEGAL pipeline system conveying gas from Norway to Britain continued. NBP day-ahead gas price jumped by 1.1% to 46.65 p/therm. Further along the curve, October delivery contract closed 1.3% down at 45.83 p/therm, as the outage is likely to end in the next few days.

European spot electricity prices traded sharply down in the wholesale market on Tuesday on predictions for strong wind power supplies and constant demand. German Wednesday delivery contract fell 53.75 percent at 13.61 euros/MWh, while French day-ahead price dropped by 22.38 percent to 25.98 euros/MWh.


Along the forwards curve, next year electricity prices decreased on Tuesday, as oil, carbon and the UK gas prices turned south.  German baseload power contract for delivery in 2018, a European benchmark, was seen down 0.4 percent at 34.94 euros, while the French equivalent contract shed 1 percent at 41.30 euros/MWh.


EU carbon prices closed almost flat in another choppy session on Tuesday, recuperating from a 5% intraday fall after the breach of a major technical support. December 2020 expiry EU carbon allowances ended 0.1% lower at 7.06 euros a tonne.

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