Daily (22.06.2020): The German Cal'21 power price reached 40€ on Friday for the first time since March amid stronger oil and coal prices

22/06/2020 09:48 Daily

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Crude oil futures gained ground on Friday amid encouraging signs of demand recovery as OPEC and its allies are fully committed to cut production. Hence, Brent crude for August delivery rose by 68 cents, or 1.6%, to settle a barrel at $42.19 a barrel. At the same time, U.S. WTI crude for July delivery soared by 91 cents, or 2.3%, to end $39.75 a barrel. For the week, Brent crude rallied by 8.9%, while WTI jumped by 9.6%.

An improving demand and carbon prices above €24 in made the British gas more attractive relative to coal on Friday. Moreover, a low renewable output and higher gas-for-power demand lent more support to prices. As a result, the NBP spot edged 2.9% higher at 14.30 p//therm, while the gas price for Q4 2020 delivery surged by 2.9% to 29.29 p/therm.


European spot electricity prices were on an equal footing at 24.08 EUR/MWh on Friday, both declining considerably by over 19% amid forecasts for above normal temperatures and higher solar output generation in Germany and France.


Year-ahead power prices hit their highest levels since several months, supported by a recovery in oil markets and stronger coal prices. Consequently, the German Cal’21 power gained 1.2% at 40.00 EUR/MWh, the highest level since March 11. Meanwhile, the French Cal’21 power firmed by 1.3%, to stand at 47.50 EUR/MWh, the highest level in six months.


European carbon prices declined slightly on Friday, but continued to trade above the €24-mark amid oil and equity price gains. As a result, EUAs expiring in 2021 lost 1.3% to end at 24.49 EUR/tonne, posting a 9.6% weekly gain.

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