Daily (13.10.2017): EU carbon prices hit their peak since January 2016, ETS reform talks

13/10/2017 10:55 Daily

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Oil prices decreased on Thursday, after the Energy Department announced a larger-than-expected decline in U.S. inventories and a drop in weekly output. The market was influenced by a bearish outlook by the International Energy Agency, which reduced its forecast for oil demand for 2018.

Brent crude closed 69 cents, or 1.2 percent, down at $56.25 a barrel. Meanwhile, U.S. light crude fell 70 cents, or 1.4 percent, to $50.60 a barrel. Both benchmarks have increased by more than 20 percent from their lows in June as world oil markets constricted.

 

British wholesale gas prices tumbled on Thursday as the end of some outages in Norway contributed to a rise in imports to Britain, while predictions of high production from Britain's wind farms had curbed demand for gas from gas-fired power stations. NBP day-ahead gas price slumped by 2.25 pence, or 4.9%, to settle at 43.50 pence per therm. Next quarter delivery contract traded 0.5% lower at 52.28 p/therm.

 

German spot electricity prices were boosted by lower wind power generation projections on Thursday, while those in France fell on decreasing demand from high levels that had factored in concern about potential nuclear tightness in the mid-term. Germany’s power contract for Friday delivery jumped 55.8% to 39.55 euros per MWh. French day-ahead electricity price was off 5.3 % closing at 50.20 euros/MWh amid unseasonably warm weather and falling pre-weekend demand.


Power curve prices in Germany dropped slightly on Thursday. Meanwhile, forward contracts in France fell on profit-taking tracking bearishness in the local spot market. The power contract for delivery in 2018 in Germany edged 0.5% down at 35.77 euros/MWh. The French equivalent contract for year-ahead delivery was 1.8% lower at 42.70 euros/MWh, having attained a record high of 43.7 euros on Wednesday.


EU carbon prices hit their peak since January 2016 on Thursday in nervous trade as potentially conclusive ETS reform discussions carried on past market close. EU carbon permits expiring in December 2020 ended slightly up at 7.61 euros a tonne.


 

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