Daily (21.01.2019): European carbon prices up by 5% on Brexit hopes and cold weather

21/01/2019 10:46 Daily

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Oil prices rose on Friday as China presented a plan aimed at increasing purchases of U.S. goods in order to reduce the trade surplus with the U.S. to zero by 2024. The recent OPEC’s report showing weaker oil output also lent support to prices. However, the continuous trade disputes between the two major economies boosted fears over slower global economic growth and lower demand for fuel. Brent crude traded 2.5% higher at $62.70 a barrel, while WTI futures surged by 3.3% to $53.80 a barrel.

British gas prices fell on Friday due to robust UK Continental Shelf production, Norwegian flows and supply via the BBL pipeline. NBP spot dropped by 1.4% to 60.30 p/therm. Along the forward curve, the NBP contract for delivery in February 2019 was nearly 2% down at 61.79 p/therm.

 

European spot electricity prices were bearish on Friday due to reduced consumption. Despite colder weather, the German power price for day-ahead delivery slumped by 10.3% to 55.39 p/therm, weighed down by strong wind generation. The equivalent French contract lost 4.2% to close at 63.84 p/therm.

 

On the curve, electricity prices had an upward trend amid gains in carbon and other fuels markets. The German power contract for delivery in 2020 gained 0.9% to reach 51.51 EUR/MWh. The equivalent French power contract ended 0.8% higher to settle at 54.98 EUR/MWh.

 

European carbon prices continued the bullish evolution on Friday because of cooler weather and on hopes for positive Brexit developments. The 2020-expiry contract boosted by 5% to 25.33 euros a tonne.

 

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