Daily (16.07.2019): EU carbon prices extended a fresh 11-year high on Monday, boosted by a weakening allowance supply

16/07/2019 10:15 Daily


Crude oil prices decreased on Monday, following mixed Chinese economic data and amid anticipations of a short-term impact of the tropical storm in the Gulf of Mexico on U.S. offshore oil output. A softening in the tensions between the West and Iran added pressure on prices. Consequently, Brent crude edged down by 0.4% to $66.48 a barrel, while WTI futures lost 1.1% to settle at $59.58 a barrel. 

The NBP spot price remained bullish on Monday, hiking by 4.6% to 37.50 p/therm, bolstered by a reduction in the Norwegian flows caused by an unplanned outage at Aasta Hansteen gas field. Moreover, low wind generation lifted gas-for-power demand. On the other side, the UK gas prices on the curve dropped on Monday, in the context of healthy LNG supply, unusually weak storage injection and declining coal prices. The contract price for delivery in Q4 2019 fell by 1.8% to 51.27 p/therm. 

European prompt electricity prices spiked on Monday, as the wind power output is in a downward trend over the medium term, while consumption is rising because of temperatures below seasonal norms. The price for the German day-ahead power contract surged by 15.2% to 42.89 EUR/MWh. In the meantime, the price for the equivalent French contract soared by 17.7% to 42.90 EUR/MWh, after the extension of an outage at St Laurent 1 reactor to July 17 led to a drop in the country’s nuclear availability. 


Further on the curve, power prices gained momentum, tracking the buoyant carbon prices. The German power contract for delivery in 2020 gained 1.7%, closing at 53.11 EUR/MWh. The equivalent French contract advanced by 2.4% to 55.39 EUR/MWh. 


EU carbon prices extended the 11-year high, jumping above €29 on Monday, amid a subsiding allowance supply driven by hedging ahead of August, when EU member state auction volumes dry up. The price for the 2021-expiry contract inched up by 0.9% to 29.99 EUR/tonne.


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