Daily (09.12.2020): Oil prices ended rather steady on Tuesday as surging COVID-19 cases dampened other positive news

09/12/2020 09:05 Daily

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Crude oil futures posted little changes on Tuesday as the potential for expanded lockdown measures countered news about the beginning of vaccination programs across Western economies this week and EIA’s forecast of higher oil prices in 2021.

 

Hence, Brent crude added 0.1% to end rather flat at $48.84 a barrel. Meanwhile, WTI crude settled at $45.60 a barrel, posting a 0.4% loss day-on-day.

 

Forecasts of milder temperatures sent NBP spot 1% lower at 40.85 p/therm on Tuesday. Along the forward curve, the gas price for Q2 21 delivery lost 0.3% to 34.42 p/therm, tracking lower carbon prices.

 

European spot electricity prices rallied on Tuesday as renewables generation was set to fall well below normal. Consequently, the German day-ahead power price jumped by 22.8% to 75.03 EUR/MWh, while the French equivalent power contract ended at 76.03 EUR/MWh, notching a 13.9% hike on a daily basis.

 

Year-ahead power prices lost little ground, tracking lower carbon prices. The German year-ahead power contract slipped by 0.4% to trade at 43.24 EUR/MWh, while the similar contract in France ended at 46.77 EUR/MWh, declining by 0.3% day-on-day.

 

EUAs expiring in 2021 lost 0.2% to trade at 29.77 EUR/t on Tuesday despite progress on a Brexit trade deal, while carbon traders braced for the expiry of the Dec-20 options contracts.

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