Daily (18.09.2020): European carbon prices fell by more than 5% on Thursday due to stronger selling

18/09/2020 14:15 Daily

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Oil prices rose for the third consecutive day on Thursday, following OPEC’s meeting which had a positive influence on market.  However, oil market is still kept under pressure, due to higher supply and flagging demand. Hence, Brent crude soared by nearly 2.6% to $43.30 a barrel. While the American WTI crude gained 2% to settle at $40.97 a barrel.

 

British near-term gas contracts lost ground on Thursday as hot temperatures limited gas demand. In addition, stronger Norwegian supply weighed on the gas market. The NBP price for October 2020 delivery ended 2% lower at 29.14 p/therm. The gas contract for Q4 2020 delivery fell by 1.4% to settle at 34.78p/therm, tracking lower carbon prices.

 

French and German spot power price plunged on Thursday amidst expectations for weaker demand and an increase in solar and conventional generation. Hence, German power contract for day-ahead delivery fell by 9.2% to 42.13 EUR/MWh. Similarly, the equivalent French contract dived by 11% to close at 44.71 EUR/MWh.

 

On the curve, European electricity prices decreased following a drop in carbon and gas markets. The German contract Cal2021 shed by 0.2%. The same French contract lost 0.5% to settle at 48.34 EUR/MWh.

 

European carbon prices retreated on Thursday in response to European Commission climate plan that encouraged more selling. Thus, EUAs expiring in December2020 tumbled by  5.2% to trade at 28.43 EUR/tonne.

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