Daily (06.11.2020): European Cal’21 power contracts rose to 10-day highs on Thursday amid stronger carbon

06/11/2020 10:22 Daily

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Oil prices declined modestly on Thursday amid persisting concerns about the impact of the new COVID-19 restrictions over global demand and uncertain outcome of the U.S. presidential election.

 

Hence, Brent crude lost 30 cents, or 0.7%, to settle at $40.93 a barrel. Meanwhile, U.S. WTI crude declined by 36 cents, or 0.9%, to end at $38.79 per barrel.

 

An expected stronger demand due to colder weather across the UK and weaker wind energy generation spurred British near-term gas prices on Thursday. As a result, the gas price for December delivery surged by 3.9% to 41.37 p/therm. Further along the curve, the gas price for Winter 2021 delivery rose by 1.8% to 42.48 p/therm, tracking stronger carbon prices.

 

Low wind energy generation provided support to European spot electricity prices on Thursday. Consequently, the German day-ahead power price jumped by 4.9% to 40.54 EUR/MWh, while the French equivalent power contract soared by 3.4% to 40.33 EUR/MWh.

 

Year-ahead power contracts followed the trend of bullish carbon markets, with the German Cal’21 power trading 3.1% higher at 39.23 EUR/MWh. The similar contract in France settled at 42.89 EUR/MWh, posting a 2.9% gain day-on-day. Both contracts hit their highest levels in 10 days.

 

European carbon prices surpassed the €26-mark on Thursday amid speculative buying and bullish technical picture, neglecting the deadlocked US presidential election. As a result, EUAs expiring in 2021 climbed by 3.4% to 26.14 EUR/tonne.

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