Daily (19.10.2020): NBP spot reached a fresh 2020 high on Friday, due to low flows from Norway and increased demand

19/10/2020 11:05 Daily

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Crude oil prices edged lower on Friday ahead of the OPEC+ ministers’ meeting. Furthermore, doubts about demand and the worrying pace of COVID-19 pandemic also weighed on prices. Brent crude for December delivery slipped by 0.5% to settle at $42.93 a barrel, while WTI crude traded 0.2% lower at $40.88 a barrel.

The British day-ahead gas price had its third session of gains, as flows from Norway decreased slightly and weak wind generation boosted gas-for power demand. NBP spot closed at 40.50 p/therm, up 1.5% from Thursday's close. On the curve, contracts increased on the back of colder weather forecasts and bullish coal prices. The contract for Q1 2021 delivery gained 2% to trade at 43.36 p/therm.

 

Forecasts for stronger renewable power generation and weaker demand put pressure on European spot electricity prices. The day-ahead German power price dropped by 13.2% to settle at 40.76 EUR/MWh, while its French counterpart decreased by 12.3% to close at 41.92 EUR/MWh.

 

Front-year power contracts rebounded on Friday despite renewed lockdown fears as gas prices continued to trade higher. German Cal’21 power contract traded 0.2% higher at 40.00 EUR/MWh and French Cal’21 power edged 0.3% higher to trade at 44.52 EUR/MWh.

 

Carbon EUAs saw a second session of losses on Friday, under pressure from economic concerns related to the coronavirus pandemic. The CO2 EUA contract expiring in December 2021 traded 0.4% lower at 25.07 EUR/tonne.

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