Daily (07.09.2018): Carbon Contracts gained more than 5% on Thursday, due to limited allowance supply

07/09/2018 15:32 Daily

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Oil crude prices extended losses on Thursday, on worries about China’s demand amid growing trade disputes. Moreover, gasoline and distillate stocks at Cushing, Oklahoma delivery hub were at their highest level in four years, pressuring prices. Brent crude decreased by 1% to close at $76.50 a barrel, while WTI crude slumped by 1.4% to $67.77 a barrel.

After the impact of last week’s unscheduled shutdowns, UK gas contract prices continued to gain ground on Thursday, due to a slightly undersupplied system. NBP spot price jumped by 1.5% to 73.50 p/therm. October 2018 delivery contract traded 1.7% higher at 72.39 p/therm, on forecasts for cooler weather.

 

Lower demand due to approaching holidays and higher wind and nuclear outputs led to a decline in European power prices on Thursday. Both German and French electricity contracts for day-ahead delivery have been affected, decreasing by 4.4% to settle at 62.43 EUR/MWh and by 2.8% to close at 65.10 EUR/MWh respectively.

 

On the power curve, electricity prices had a bullish evolution, in line with related coal and carbon markets. The Cal’19 contracts were 2.4% up at 58.10 and 52.95 EUR/MWh, in France and Germany respectively.

 

EU carbon contracts were bullish on Thursday, because power prices continued to rise and new allowance supply was curbed in a rare auction-free session. Carbon prices rose by more than 1 euro per contract after previous declines, surpassing the €21 level. The contract expiring in 2020 settled 5.3% up at 22.23 euros a tonne.

 

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