Daily (25.10.2019): Carbon prices surged by around 2.8% on Thursday amid a firmer energy complex ahead of the key Brexit vote

25/10/2019 11:00 Daily

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Crude oil prices continued to rise on Thursday after a surprise fall in the U.S. crude stockpiles last week. Hopes for deeper supply cuts from OPEC also supported prices. However, persistent crude demand worries reduced gains. Consequently, Brent crude traded 0.8% higher at 61.67 USD/bbl. At the same time, WTI futures edged up by 0.5% at 56.23 USD/bbl.

UK forward gas prices reversed trend to increase on Thursday, following the bullish evolution in the oil and carbon markets. The July 2020 delivery contract price gained 1.8% to end at 40.34 p/therm. Nevertheless, expectations for lower demand and firmer supplies pushed the NBP spot down by 1.3% to 25.85 p/therm. Abundant gas storages also kept the spot price under pressure.

 

European day-ahead electricity prices dropped on Thursday. The price for the German day-ahead power contract dipped by 6.5% to 36.11 EUR/MWh, pressured by an expected surge in wind power output and falling demand. At the same time, the equivalent French contract price declined by 2.2% to 38.34 EUR/MWh amid steady nuclear power output.

 

Forward electricity prices diverged slightly on Thursday. The German power contract for delivery in 2020 was 0.1% firmer at 47.33 EUR/MWh supported by higher carbon prices and stronger fuel contracts. In the meantime, the price for the equivalent French contract was almost unchanged at 50.22 EUR/MWh, amid receding worries over the French nuclear availability after the official clearance of the six French nuclear plants.

 

EU carbon prices rebounded amid firmer fuel contracts and speculative buying on Thursday. The price for the 2019-expiry contract jumped by 2.8% to 25.44 EUR/tonne. Persistent Brexit uncertainty in anticipation of a key Brexit vote on the extension of the 31 October deadline could increase volatility in prices.

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