Daily (28.08.2018): Europe power prices on the curve hit new peaks on Monday, following bullish carbon markets

28/08/2018 14:01 Daily

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Worries that ongoing trade tensions between China and U.S. would lead to a demand reduction, boosted oil prices on Monday. Nevertheless, a rise in OPEC's and Russian output put a cap on prices. Brent crude oil edged 0.5% higher to settle at $76.21 a barrel. WTI crude closed at $68.87 a barrel, or 0.2% higher.

UK gas markets were closed on Monday, due to a public holiday. NBP spot price was at 67.00 p/therm, while the Q4 2018 gas contract remained at 70.89 p/therm. 

 

European spot power prices jumped on Monday, on predictions of lower wind generation in Germany and reduced nuclear supply in France. Accordingly, the German day-ahead contract price hiked by 22.2% to end at 66.07 euros/MWh. The French equivalent contract added 15.2% to close at 68.24 euros/MWh.

 

Meanwhile, electricity prices on the forward curve hit new peaks on Monday, tracking the bullish carbon market. The German Cal’ 19 baseload electricity price soared by 2.5% to close at 50.47 euros/MWh. The French equivalent contract for 2019 delivery traded 2.3% higher at 55.33 euros/MWh.

 

Carbon prices gained strong momentum in a limited session on Monday, posting a 15% increase for the week. The carbon contract expiring in 2021 was at 22.82 euros a tonne, or around 3% higher.
 

Daily (08.08.2019): Oil prices plummeted by over 4.5% on Wednesday, due to a buildup in U.S crudes stockpiles and China-U.S. trade war

08/08/2019 11:21:00

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