Daily (24.07.2018): French day-ahead power price rose by 13.6% on Monday due to limited nuclear supply

24/07/2018 11:17 Daily

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Oil prices dropped slightly on Monday on fears about fuel demand after G20 officials averted that global economic growth risks have intensified amongst increased trade and geopolitical tensions. Brent crude was almost flat at $73.06 a barrel. WTI futures edged 0.5% lower at $67.89 a barrel.

British wholesale gas prices soared on Monday due to higher gas-for-power demand and a strike on several Total’s North Sea oil and gas platforms, which led to an undersupplied system. NBP day-ahead price surged by 1.5%, or 0.85 pence, to close at 58.35 p/therm. Meanwhile, 2019 delivery contract ended 0.7%, or 0.39 pence, higher at 55.87 p/therm.


European spot electricity prices surged on Monday due to reduced wind and French nuclear power supply, while demand for air conditioning increased in a heat-wave. German day-ahead electricity price soared by almost 13% to close at 56.64 euros/MWh. At the same time, French spot power price boosted by 13.6% to end at 57.23 euros/MWh.


Further along the curve, power prices hiked on Monday following rises in coal and carbon markets. German Cal 19’ European benchmark traded 1.8% up at 45.28 euros/MWh. The French equivalent contract settled 1% higher at 49.80 euros/MWh.


European carbon prices reached new 7-year peaks on Monday in a strong auction. The 2019 expiry contract settled 1.9% higher at 17.63 euros/tonne.

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