Daily (27.06.2019): EUAs hit a 2-month peak on Wednesday due to no new supply

27/06/2019 10:07 Daily

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Oil prices surged by more than 2% on Wednesday to hit their peak level in almost a month, supported by unexpected drops in refined product stockpiles and a larger-than-anticipated drawdown in crude stocks as exports hit a record high. Brent crude futures rose by $1.44, or 2.2%, to close at $66.49 a barrel. WTI futures increased by $1.55, or 2.7%, to close at $59.38 a barrel.

Reduced flows from Norway and bullish oil markets weighed on the UK gas prices on Wednesday. NBP spot soared by 4.8% to 26.40 p/therm. Along the forward curve, the 2019 delivery contract traded 0.6% higher at 49.77 p/therm.

 

European spot electricity prices for day-ahead delivery were constant on Wednesday due to a rather balanced system, as stronger demand for cooling counterbalanced increased wind generation. The French baseload power contract for Thursday delivery traded at 29.33 EUR/MWh. The German baseload contract settled at 38.56 euros/MWh.

 

On the forward curve, electricity prices edged higher on Wednesday, amid a bullish energy complex and strong gains in the carbon market. Germany’s Cal’20 baseload power, the European benchmark, added 0.8% to 49.46 EUR/MWh. The French equivalent contract traded 0.4% higher at 52.09 EUR/MWh.

 

European carbon prices reached a two-month peak on Wednesday, as no fresh supply entered into the market for the second straight day. Moreover, a continental heatwave and speculative buying also boosted prices. The 2021-expiry contract settled 3.6% higher at 28.20 euros/tonne.

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