Daily (29.11.2019): French spot power price up 18% on Thursday on less nuclear availability and stronger demand

29/11/2019 10:40 Daily

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Crude oil prices diverged on Thursday, with WTI edging higher on intensified tensions between the US and China after President Donald Trump signed a bill backing protesters in Hong Kong. Despite a higher-than-expected rise in crude and gasoline inventories and a record peak in US production, WTI futures rose by 0.2% to settle at $58.25 a barrel. However, its European equivalent, Brent crude ended 0.3% down at $63.87 a barrel, extending losses hit in the previous session.

British wholesale gas prices were mostly bearish on Thursday as the cold spell on Friday is expected to last less. The NBP price for Summer 2020 delivery fell 2.2% to trade at 38.23 p/therm, while the gas contract for 2020 delivery shed 1.9% to 41.41 p/therm.

 

Electricity prices for day-ahead delivery skyrocketed on Thursday, buoyed by a stronger demand and less nuclear availability in France.  The German power contract for Friday delivery rallied 31.5% to 40.08 euros a MWh, while the equivalent French contract soared almost 18% day-on-day to 47.41 euros/MWh.

 

Along the forward curve, prices were mixed. The German contract for 2020 delivery shed 0.4% at 46.21 euros/MWh, while the French equivalent contract wasslightly up at 49.35 euros/MWh.

 

The carbon prices posted minor changes, edging lower on Thursday due to the weakest auction of the year. The EUAs expiring in 2020 fell by 0.4% to 25.15 EUR/tonne.

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