Daily (15.11.2019): The German spot power contract lost 16.4% on Thursday, amidst a sharp rise in wind output

15/11/2019 11:07 Daily

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A build in U.S. crude inventories and higher oil production reported for this week put pressure on crude oil prices on Thursday. However, OPEC’s potential deepening of supply cuts later this year limited losses. Hence, Brent crude fell by 0.1% to $62.28 a barrel, while WTI futures dropped by 0.6% to $56.77 a barrel.

UK gas prices on the curve strengthened on a quiet trade on Thursday, influenced by the risk of a potential higher than expected demand of gas used for power next week. Consequently, the price for delivery in Q2 2020 rose by 1.4% to 38.53 p/therm. In the meantime, NBP spot fell by 0.8% to 38.20 p/therm, due to oversupply.

 

European spot electricity prices were mixed on Thursday. The price for the German day-ahead power contract plunged by 16.4% to 37.90 EUR/MWh, influenced by a sharp rise in renewables output and a fall in demand. Meanwhile, the price for the equivalent French contract rose by 8.2% to 57.41 EUR/MWh, due to an increase in electricity demand and a drop in supply.

Forward power prices extended their decline on Thursday, in reaction to the fall in carbon prices. The German power contract for delivery in 2020 traded 0.5% down at 45.35 EUR/MWh. The equivalent French contract price stayed flat at 48.03 EUR/MWh.

 

EU carbon prices reached a new 1-month low on Thursday on milder weather outlook and weak technical indicators. The price for the contract expiring in 2019 decreased by 1.8% to 23.96 EUR/tonne.

Daily (06.12.2019): German spot power down 26% on Thursday on strong wind output

06/12/2019 09:46:00

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