Daily (23.06.2020): Crude oil prices soared over 2% on Monday amid easing lockdowns, tighter supplies

23/06/2020 11:43 Daily

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Crude oil futures edged higher on Monday amid tightening crude supplies from major producers and as lockdowns eased, but sentiment remained precarious as coronavirus infections continued to accelerate. Hence, Brent crude for August delivery rose by 89 cents, or 2.11%, to settle at $43.08 per barrel. At the same time, U.S. WTI crude for July delivery, which expired at the end of the session, soared by 2.5%, to end at $40.73 a barrel, the highest level since March 6.

Expectations of robust LNG supplies weighed on the British day-ahead gas price, with NBP spot trading 4.2% lower at 13.70 p/therm.
On the curve, the gas price for Q1 2021 delivery lost 0.8% at 36.21 p/therm, dragged down by lingering concerns about the acceleration of the coronavirus cases worldwide which could hurt the demand.
 
European spot electricity prices increased sharply on Monday, driven by lower wind power generation forecasts in Germany and France. As a result, the German spot power price rallied by 36% to 32.74 EUR/MWh, while the equivalent contract in France jumped by 34% to 32.27 EUR/MWh.


Year-ahead power prices were rather flat, but remained at several months’ highs, tracking stronger carbon and coal markets. Thus, the German Cal’21 power ended at 47.52 EUR/MWh, while the similar contract in France stood at 40.03 EUR/MWh.
 
Optimism about European economic recovery lent support to carbon prices on Monday, with EUAs expiring in 2021 edging 1.5% higher at 24.86 EUR/tonne.

Daily (18.09.2020): European carbon prices fell by more than 5% on Thursday due to stronger selling

18/09/2020 14:15:00

Oil prices rose for the third consecutive day on Thursday, following OPEC’s meeting which had a positive influence on market. However, oil market is still kept under pressure, due to higher supply and flagging demand. Hence, Brent crude soared by nearly 2.6% to $43.30 a barrel. While the American WTI crude gained 2% to settle at $40.97 a barrel.

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