Daily (27.11.2020): European carbon prices surged to a new two-month high on Thursday amid strong auction results

27/11/2020 10:11 Daily


Oil prices slipped from multi-month highs on Thursday as vaccine optimism had fizzled out and near-term pandemic concerns had resurfaced. Meanwhile, a build in crude oil inventories in the U.S. added further pressure on oil prices. Hence, Brent crude shed by 1.7% to settle at $47.80 a barrel. U.S. WTI crude ended at $44.93 a barrel, posting a 1.7% decline day-on-day.

Forecasts of colder temperatures and low wind generation triggered modest gains on the British near-term gas curve. As a result, the gas price for December delivery added 0.4% to 39.62 p/therm, while the gas price for January gained 0.3% to 40.42 p/therm. Along the forward curve, the gas price for Q2 21 delivery declined slightly by 0.5% to 33.24 p/therm, tracking lower oil prices.
Forecasts of plummeting wind energy generation and colder weather spurred European spot electricity prices on Thursday, while the French spot power price reached its highest level since late September as a strike curbed power generation capacity by 6.8 GW. Consequently, the French day-ahead power settled at 60.09 EUR/MWh, notching a 9.9% hike on a daily basis. Meanwhile, the German day-ahead power rallied by 14.5% to 64.73 EUR/MWh.

Year-ahead power prices added ground, tracking stronger carbon prices. The German Cal’21 power rose by 0.4% to 41.20 EUR/MWh, while the French similar contract settled at 45.01 EUR/MWh, posting a 0.6% gain day-on-day.
European carbon prices climbed to a fresh two-month high on Thursday, spurred by a strong auction as a result of colder weather outlook for December and less wind power production. Thus, EUAs expiring in 2021 soared by 1.8% to 28.29 EUR/tonne.

Octopus Energy launches ‘world’s first’ tariff offering 50% discount when wind is blowing

19/01/2021 09:13:00

The ‘Fan Club’ tariff could save consumers more than £200 per year


Czech health minister backs coal mining phase-out ‘as soon as possible’

19/01/2021 09:10:00

Czech health minister Jan Blatný is aware of the negative impacts of coal mining on the environment and human health. “Personally, I am in favour of a coal mining phase-out as soon as possible,” he told EURACTIV.cz.


Oil discovery in Egypt’s Western Desert

19/01/2021 08:59:00

Independent producer Apex said the well in Cretaceous sandstones can produce 2,000 barrels a day