Daily (24.07.2019): EU carbon prices jumped to their 2006 peak on Tuesday, on supportive bullish signals and an expected heatwave

24/07/2019 11:40 Daily

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Crude oil prices added ground on Tuesday, after data showed a much larger-than-expected fall in the U.S. crude stocks. Meanwhile, weaker demand forecasts and the full restart of Libya’s largest oil field reduced gains. Against that backdrop, Brent crude traded 0.9% higher at $63.83 a barrel, while WTI futures closed 1% up, at $56.77 a barrel. 

UK gas prices rose on Tuesday, amid weaker Norwegian flows. Moreover, higher power consumption for cooling purposes due to the heatwave boosted demand from gas-fired power plants. NBP spot jumped by 6.9% % to 29.40 p/therm. The contract for delivery in Winter 2019 gained 1.2%, ending at 52.82 p/therm.  

 

European day-ahead power prices jumped on Tuesday on forecasts for a heatwave that could boost power demand for cooling. The price for the German spot electricity contract increased by 8.7% to 50.64 EUR/MWh, while the equivalent French contract settled 14.9% higher at 52.93 EUR/MWh. 

 

Forward electricity prices were also in a bullish mood, tracking higher gas and carbon prices. The price for the German power contract for delivery in 2020 rose by 1.5% to 53.47 EUR/MWh, while the equivalent French contract traded 1% up at 55.12 EUR/MWh. 

 

EU carbon prices surged to their 2006 peak on Tuesday, buoyed by hot weather and supportive signals from the daily auctions. A stronger energy complex added to the bullish market sentiment. The price for the 2020-expiry contract spiked by 2.8% to 30.20 EUR/tonne. 

 

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Crude oil futures posted a steep decline on Thursday, with WTI crude slipping below $40 a barrel for the first time in three weeks, pressured by worries about resurgence in coronavirus cases and bearish U.S. economic data. Suggestions made by U.S. President Donald Trump that nation's November presidential election may be delayed added further pressure on oil prices. Hence, Brent crude decreased by 81 cents, or 1.9%, to settle at $42.94 a barrel. At the same time, U.S. WTI crude futures fell by $1.35, or 3.3%, to end at $39.92 a barrel.

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