Daily (24.10.2019): EU carbon prices plunged by 3.5% on Wednesday, amidst Brexit concerns and a bearish energy market

24/10/2019 11:12 Daily

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Crude oil prices extended gains on Wednesday, following a drop in U.S. crude inventories and due to OPEC’s intention to deepen supply cuts. However, slowing global demand might limit the rise. Hence, Brent crude surged by 2.5% to 61.17 a barrel, while WTI futures climbed by 2.7% to end at $55.97 a barrel.

UK day-ahead gas price soared on Wednesday supported by weaker flows from Norway that left the market undersupplied. NBP spot hiked by 7.6% to 26.20 p/therm. On the curve, gas prices were bearish tracking a weaker energy complex. The November 2020 delivery contract traded 0.9% lower at 40.33 p/therm.

 

European day-ahead electricity prices fell on Wednesday. The price for the German day-ahead power contract plunged by 11.3% to 38.97 EUR/MWh, as the German wind production is expected to double. Meanwhile, the equivalent French contract price tumbled by 11.9% to 39.20 EUR/MWh on stable nuclear power availability and lower demand ahead of the weekend.

 

Forward electricity prices also dropped following weaker gas and carbon prices. The German power contract for delivery in 2020 edged 1% lower at 47.30 EUR/MWh. In the meantime, the equivalent French contract nudged 0.9% down at 50.24 EUR/MWh.

 

EU carbon prices stretched losses on Wednesday due to worries over Brexit talks and a potential extension of the deadline. A weaker energy complex also weighed on EUAs. Hence, the price for the 2021-expiry contract decreased by 3.5% to 25.25 EUR/tonne.

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