Daily (17.05.2017): EU carbon prices increased above €4.50 for the first time in a week

17/05/2017 14:13 Daily

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Oil prices seesawed on Tuesday within two opposed trends. The increasing trend during the session was supported by the news that several OPEC members voiced the opinion to continue supply cuts until March 2018 to reduce a global glut of crude oil. The downward evolution at the end of the day was caused by the data from the American Petroleum Institute indicating an unexpected build in crude inventories.

Brent crude settled 0.33% lower at $51.65 per barrel. Meanwhile, U.S. WTI crude price dropped by round 0.4% to close at $ 48.66 a barrel.

 

British wholesale gas prices edged up on Tuesday due to falling supplies from Norway and cooler weather forecasts. NBP spot gas price surged by 1.65% to end at 40.15 p/therm. The June 2017 gas contract was 0.1% higher at 36.40 p/therm. 

 

European spot electricity prices decreased on Tuesday, influenced by weak demand due to warmer weather and a rise in solar power production in Germany. 

 

German day-ahead power contract declined by 5% at 32.52 euros/MWh, while the German Cal '18 benchmark price rose by around 1% at 29.15 euros/MWh.

 

French spot electricity prices lost around 4% to close at 33.23 euros per MWh, while the French Cal '18 benchmark price settled 30 cents higher at 35.46 euros per MWh.

 

EU carbon prices increased by around 3.3% above €4.50 for the first time in a week as a second day of solid auction indicators backed the prices ahead of a 38% decline in supply next week. The EUA Cal2018 contract closed 3.4% higher at 4.58 euros/ton. 

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