Daily (14.09.2018): Power and gas markets turned bearish on Thursday, after a 18% decline in carbon prices

14/09/2018 11:08 Daily

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Oil crude prices lost momentum on Thursday, mainly due to investors’ focus on mounting trade tensions between the world’s major economies, the U.S. and China, that could threaten demand. Brent crude ended 2% down at $78.18 a barrel. Meanwhile, WTI crude price tumbled by 2.5% to $68.59 a barrel, despite a larger-than-expected draw in U.S. inventories.

Even though Norwegian flows decreased, UK wholesale gas prices fell on Thursday, as stronger supplies from storage generated a surplus on the market. As a result, NBP spot price dropped sharply by 4.1% to 69.90 p/therm. On the forward curve, Winter 2018 delivery contract was 2.4% lower at 75.81 p/therm.

 

On Thursday, European year-ahead power prices slumped, following the downward trend in carbon and fuels markets. The French contract for 2019 delivery traded 5.7% lower at 58.35 euros/MWh, while German equivalent contract settled 6.2% down at 52.65 euros/MWh.

 

Prompt electricity prices were also bearish, due to higher wind generation in Germany, and increased nuclear availability in France. The German day-ahead price for Friday delivery shed by 9.3% to end at 64.84 euros/MWh. The French equivalent contract lost 6.8% to close at 66.25 euros/MWh. 

 

European carbon prices considerably declined on Thursday in a weak auction, as traders made bearish bets after the recent increase. The 2021-expiry contract price lost 16.6% to end at 20.40 euros a tonne, posting the biggest daily loss since 2006.

Daily (11.01.2019): German spot power price fell by 26% on Thursday due to strong wind generation

11/01/2019 11:45:00

Oil prices edged slightly higher on Thursday, tracking bullish equity markets following comments from the U.S. Federal Reserve chairman. However, gains were capped by waning optimism about the three-day U.S.-China trade talks, as these finalized with no concrete details. Concerns about a potential slowdown in global economy fuelled by weaker Chinese economic data also limited the rally in oil markets. On that background, Brent crude inched 0.4% up to $61.68 a barrel, while WTI futures settled 0.4% higher at $52.59 a barrel.

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