Daily (27.07.2020): European CO2 prices dropped by over 3.5% on Friday, due to falling equity markets and weak auction activity.

27/07/2020 10:09 Daily

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Oil prices added slight momentum on Friday, supported by Euro zone business activity growth in July. In this context, the International benchmark, Brent crude settled 0.1% higher at $43.34 a barrel. Similarly, WTI crude rose by 0.5%, to settle at $41.29 a barrel, due to a rise in U.S. business activity to a six-month high in July.

Lower flows from Norway and higher demand for gas used for power, boosted the spot gas price on Friday. The day-ahead price rose by 1.2% to 12.90 p/therm. On the curve, the price for the August 2020 delivery contract decreased by 0.8% to 13.59 p/therm amid lower carbon prices.

 

European spot electricity prices were bearish on Friday. The German spot price plunged by 18.1% to 25.52 EUR/MWh following an increase in solar power production. Meanwhile, the equivalent French price plummeted by 19.6% to 27.29 EUR/MWh, due to stable nuclear supply and a drop in demand.

 

At the same time, electricity prices on the forward curve lost ground on Friday, tracking bearish carbon prices. The German 2021-delivery contract lost 1.9% to settle at 40.05 EUR/MWh, while the French equivalent contract traded 1.2% down at 44.60 EUR/MWh.

 

A weak auction and falling equity markets put pressure on European carbon prices on Friday. As a result, the benchmark Dec-20 EU carbon contract settled 3.5% lower at 26.37 EUR/tonne.

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