Daily (12.02.2020): NBP spot down about 3% on Tuesday as higher renewable generation weighed on gas-for-power demand

12/02/2020 10:44 Daily

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Crude oil prices rebounded on Tuesday from the 13-month lows, following a report unveiling that the number of new coronavirus cases in China declined, easing some fears about a weakening demand for black oil.

Brent crude for April delivery rose by 74 cents, or 1.4%, to settle at $54.01 a barrel on ICE London. U.S WTI crude ended at $49.94 a barrel, up 37 cents, or 0.8% on NYMEX.

 

A weaker gas-for-power due to stronger renewable generation weighed on the British gas market. NBP spot fell by 2.9% to 21.50 p/therm. Along the forward curve, the gas price for Q2 2020 was 1.7% down at 21.36 p/therm, while the gas price for Q3 2020 declined by 0.8% to 23.76 p/therm.

 

European spot power prices firmed on Tuesday, buoyed by lower wind power supply and expectations for stronger electricity consumption due to colder weather in Germany and weaker nuclear availability in France.

 

German day-ahead power soared by 67% to 19.46 EUR/MWh, while the French equivalent contract jumped 15.4% to 28.48 EUR/MWh.

 

Year-ahead power contracts were also bullish, tracking higher oil, carbon and coal prices. German Cal’21 advanced 1.8% at 41.27 EUR/MWh and the similar French contract rallied 1.4% at 42.66 EUR.

 

EUAs expiring in 2021 firmed by 0.6% to 23.50 EUR/tonne due to bullish energy signals.

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