Daily (19.09.2019): French year-ahead power price surged by 4% on Wednesday, amid eased French nuclear reactor worries

19/09/2019 12:02 Daily

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Crude oil prices continued to fall on Wednesday, as U.S. President chose to impose substantially increased sanctions rather than military action against Iran, while expressing U.S. readiness for the second measure. Further pressure came from Saudi Arabia’s commitment to bring its oil production back to pre-attack levels by the end of September. A surprise build in the U.S. crude inventories last week put more pressure on prices. As a result, Brent crude dropped by 1.5% to 63.60 USD/bbl, while WTI futures dipped by 2.1% to 58.11 USD/bbl.

British gas prices stretched losses on Wednesday, in response to EDF’s confident statement that last week’s weld issues would not lead to the shutdown of any of its reactors in the short term. Prices also reacted to a fall in oil prices and anticipations of robust LNG arrivals in Britain by October 1. Against that bearish backdrop, NBP spot plunged by 14.5% to 25 p/therm. On the curve, the Q4 2019 delivery contract ended 3.3% lower at 42.82 p/therm.

 

Reduced wind generation caused a surge in the European day-ahead power prices on Wednesday. The price for the German spot power contract skyrocketed by 20% to 43.78 EUR/MWh. At the same time, the equivalent French contract advanced by 9.7% to 42.83 EUR/MWh, ahead of a union strike at EDF on Thursday which is likely to cut power output.

 

On the curve, electricity prices remained bearish on Wednesday, pressured by lower fuel prices which reacted to EDF’s denial of a potential closure of any of its nuclear reactors. The German power contract for delivery in 2020 lost 2.6% to close at 49.64 EUR/MWh. The price for the equivalent French contract slumped by 4% to 51.94 EUR/MWh. 

 

Wednesday saw a strong decrease in the EU carbon prices amid tempered worries over the French nuclear availability. The 2019-expiry contract traded 2.9% down at 25.45 EUR/tonne.

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