Daily (05.04.2019): European power prices on the curve climbed by over 3% on Thursday following bullish carbon market

05/04/2019 10:13 Daily

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Oil prices varied on Thursday. Brent crude edged 0.1% higher at $69.40 a barrel on tightening global supply due to U.S sanctions on Iran and Venezuela, as well as OPEC-led output cuts. Meanwhile, WTI futures declined by 0.6% to $62.10 a barrel on rising production and higher crude inventories.

British gas prices extended gains on Thursday, on colder weather forecasts and rising carbon prices. NBP spot rose by 5.4% to 35.00 p/therm, while the contract for delivery in Q3 2019 traded 5% higher at 38.40 p/therm.

 

European day-ahead power prices were mixed on Thursday. The price for the German day-ahead power contract inched 0.6% higher at 42.28 EUR/MWh, on stronger consumption due to cooler temperatures. Meanwhile, the equivalent French contract traded 0.6% lower at 43.53 EUR/MWh, due to stable nuclear supply.

 

Along the curve, electricity prices rose on Thursday tracking higher gas and carbon prices. The price for the German power contract for delivery in 2020 surged by 3.5% to 48.53 EUR/MWh, while the equivalent French contract traded 3.2% up at 51.49 EUR/MWh.

EU carbon prices continued the upward evolution on Thursday, due to strong trading activity amidst Brexit optimism and a bullish energy complex. The price for the 2021-expiry contract settled 5.3% higher at 25.19 EUR/tonne.

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