Daily (18.07.2019): French spot power price plunged by over 9% on Wednesday, amid stronger wind generation and falling consumption

18/07/2019 11:43 Daily

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Crude oil prices extended losses on Wednesday, following a higher-than-expected rise in the U.S. refined product inventories. At the same time, official data also showed that U.S. crude inventories fell more than anticipated. Against that background, Brent crude traded 1.1% lower at $63.66 a barrel, while WTI futures dropped by 1.5% $56.78 a barrel. 

Most of the British wholesale gas prices were in a bearish mood on Wednesday, weighed by an oversupplied system. Market sentiment was also pressured by falling Dutch gas prices, after Russia’s higher flows via the Velke Kapusany entry point to Europe offset the Nord Stream supply cuts due to maintenance. Furthermore, robust LNG arrivals in the next eight days also weighed on prices. The NBP spot price fell by 3.4% to 30.20 p/therm. In the meantime, the contract price for delivery in Q4 2019 inched down by 0.8% at 48.01 p/therm. 

 

European spot electricity prices reversed course on Wednesday, dragged lower by rising wind generation. The price for the German day-ahead power contract slumped by 4.3% to 43.93 EUR/MWh, amid flat consumption. The price for the equivalent French contract plunged by 9.4% to 40.97 EUR/MWh, weighed by weakening demand and steady nuclear availability. 

 

Further on the curve, power prices continued to decline, influenced by the downward movements on the carbon, oil, and gas markets. The price for the German power contract for delivery in 2020 retreated by 0.7% to 51.71 EUR/MWh. In the meantime, the price for the equivalent French contract decreased by 0.8% to 53.49 EUR/MWh. 

 

EU carbon prices remained unchanged on Wednesday, as they have first plunged to a three-day low and then recovered amid emerging buying. The 2021-expiry contract steadied at 29.42 EUR/tonne. 

 

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