Daily (29.07.2020): British gas prices gained ground on Tuesday amid lower Norwegian flows and higher carbon prices

29/07/2020 10:24 Daily

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Crude oil futures ended lower on Tuesday as market players continue to fret over the impact of COVID-19 on energy demand ahead of weekly petroleum supply data expected to show a further rise in U.S. crude inventories. Hence, Brent crude slipped by 19 cents, or 0.4%, to settle at $43.22 a barrel, while U.S. WTI crude futures declined by 56 cents, or 1.4%, to settle at $41.04 a barrel.

Lower flows from the Norwegian continental shelf spurred the British day-ahead gas price on Tuesday. In this context, NBP spot rallied by 4.8% to 13.00 p/therm. Further along the curve, the gas price for Summer 2021 delivery soared by 1.9% to 28.36 p/therm, driven by higher carbon prices.


European spot electricity prices diverged on Tuesday, with the German day-ahead power plunging by 9.7% to 20.75 EUR/MWh, hitting a three-week low amid a surge in solar power generation and weak demand. On the contrary, the French equivalent contract jumped by 14.3% to 37.69 EUR/MWh due to lower nuclear availability.


Year-ahead power prices remained little changed in quiet trading, with the German Cal’21 at 38.99 EUR/MWh, while the French Cal’21 rose slightly by 0.7% to 43.88 EUR/MWh.


EUAs expiring in 2021 soared by 2.9% to 26.11 EUR/tonne, recovering from the previous session’s 5% drop amid hopes of more government stimulus measures.

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