Daily (17.07.2020): EUAs plummeted by over 7% on Thursday due to robust auction supply

17/07/2020 09:55 Daily


Crude oil futures fell by about 1% on Thursday, but held above the $40 mark amid a weaker demand outlook underscored by the OPEC+ alliance’s decision to ease production cuts from August. Moreover, resurgent coronavirus cases in the U.S. weighed on oil prices. Hence, Brent crude for September delivery declined by 42 cents, to settle at $43.37 a barrel. At the same time, U.S. WTI crude slipped by 45 cents, to close at $40.75 a barrel.

The British day-ahead spot gas traded 2.3% lower at 12.60 p/therm on Thursday amid robust supply from Norway. Further on the curve, the gas price for Winter 2020 delivery decreased by 1.4% to 33.39 p/therm, tracking weaker oil prices.

German and French spot electricity prices dropped considerably on Thursday as demand weakened, while solar power in France and Germany is likely to increase. As a result, the German day-ahead power plunged by 15.5% to 37.58 EUR/MWh, while the French equivalent power contract dipped by 8.2% to 36.98 EUR/MWh.

Year-ahead power contracts lost ground alongside bearish gas, carbon and coal prices. Thus, the German Cal’21 power inched 1.6% lower at 42.40 EUR/MWh. At the same time, the French Cal’21 power lost 1.7% at 46.90 EUR/MWh.

EUAs expiring in 2021 crashed by 7.3% to 27.08 EUR/tonne as buyers struggled to absorb a robust auction supply and amid weaker financial markets.

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