Daily (07.02.2019): EU carbon prices surged by over 2% on Wednesday, buoyed by rising power prices and a gap in the auction calendar

07/02/2019 11:10 Daily

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Wednesday saw slight gains in oil prices due to a strong U.S. demand for distillate products and a prevailing shortage in the global crude supply. However, gains were capped amidst a stronger U.S. dollar and persisting concerns over a global economic slowdown. Brent crude was up 1.2% at 62.69 USD/bbl, while WTI crude rose by 0.7% to close at 54.01 USD/bbl.

British spot gas prices added gains on Wednesday, due to maintenance works in the Norwegian gas system that affected supply. NBP spot price climbed by 0.8% to 50.65 p/therm. Along the curve, milder weather forecasts put pressure on prices. The contract for Q2 2019 delivery traded 1.3% lower at 47.43 p/therm.

 

European spot power prices plunged on Wednesday, following increasing power generation from wind turbines, and relatively mild temperatures.The French day-ahead power price dropped by 9% to 48.21 EUR/MWh, while the equivalent German contract sank by 13.2% to 44.55 EUR/MWh.

 

On the curve, the market was supported by higher carbon emissions and gas prices. The German power contract for delivery in 2020 traded 2.4% higher at 49.70 EUR/MWh, while the equivalent French contract was up 1.9% at 52.20 EUR/MWh.

 

European carbon prices rose on Wednesday amidst increasing power prices and a gap in the auction calendar. The price for the 2020-expiry contract traded 2.2% higher closing at 24.12 EUR/tonne.

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