Daily (09.01.2019): German spot power contract was 15.9% higher on Tuesday on low wind output

09/01/2019 11:48 Daily

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The strong upward evolution in oil prices on Tuesday was caused mainly by OPEC-led crude production cuts. The bullish trend was also backed by signs of progress in U.S.-China trade talks. Officials of the world’s two biggest economies expressed optimism on resolving the dispute. Brent crude soared by 2.4% to $58.72 a barrel, while WTI crude jumped by 2.6% to $49.78 a barrel. 

The later arrival of colder weather contributed to a rise in British wholesale gas prices on Tuesday, despite stronger flows from Norway and higher LNG supply. NBP spot surged by 5.6% to 59.25 p/therm. In the meantime, the Q3 2019 delivery contract closed 1.1% higher at 53.47 p/therm.

 

European spot electricity prices were mixed on Tuesday. Weaker wind output, colder weather and  higher demand in Germany, led to a 15.9% jump in the day-ahead electricity contract to 40 EUR/MWh. The equivalent French contract was almost constant at 57.76 EUR/MWh, on stable nuclear availability.

 

On the forward electricity curve, prices rebounded on Tuesday, tracking the upward trend in fuels and carbon prices. German electricity contract for delivery in 2020 edged 1.5% higher at 48.57 EUR/MWh. The equivalent French contract traded 1.2% up at 51.64 EUR/MWh.

 

European carbon prices recouped losses on Tuesday after the Monday’s sell-off. The 2019-expiry contract settled 0.6% higher at to 22.84 euros a tonne, but gains were limited by a bearish sentiment.

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