Daily (19.12.2019): French spot power plunges 33% on Wednesday on high wind, nuclear generation

19/12/2019 12:33 Daily

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Crude oil futures were rather flat on Wednesday after moving upward four trading days in a row. Brent crude edged higher, paring earlier gains following the latest oil inventory figures from the American Petroleum Institute (API) and the U.S. Department of Energy (DOE). Brent crude for February delivery added 7 cents, or 0.1%, to end at $66.17 per barrel. WTI for January delivery slipped to $60.93 per barrel.

A milder weather outlook and weaker demand for heating weighed on British prompt gas prices on Wednesday. NBP spot lost 3.3% at 31.92 p/therm. Near-term contracts were bullish as LNG supplies hit record levels in December. The January 2020 delivery contract advanced 3.3% at 38.81 p/therm, while the Summer 2020 delivery contract traded 2.5% to settle at 34.70 p/therm.

 

European spot power prices decreased considerably on Wednesday, pulled down by a forecast for a dramatic increase in wind and nuclear power combined with a weaker demand outlook. German spot power dipped 14% to settle at 34.65 EUR/MWh, while the French equivalent contract plunged 33% at 28.19 EUR/MWh.

 

Forward contracts gained ground tracking a bullish energy complex. The German contract for year-ahead delivery added 0.3% at 43.37 EUR/MWh, while the French equivalent contract gained 0.6% at 46.10 EUR/MWh.

 

Carbon prices edged higher for a third consecutive day on Wednesday as the annual year-end auction pause created a sale loophole. The price for the carbon contract expiring in 2020 surged by 2% to 26.58 EUR/tonne, hitting the highest level in three months.

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