Daily (30.07.2020): European CO2 prices rebounded by nearly 2% on Wednesday tracking a stronger auction in Poland.

30/07/2020 13:19 Daily

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Crude oil prices inched higher on Wednesday, following an unexpected drop in US crude inventories. Consequently, Brent crude rose by 1.2% to $43.75 a barrel, while WTI futures increased by 0.6% to $41.27 a barrel.

Gas prices added momentum on Wednesday, amidst higher oil prices and a decrease in wind forecasts that boosted gas-for-power demand. Hence, the NBP day-ahead price rose by 1.5% to 13.20 p/therm, while the contract price for delivery in Q4 2020 climbed by 1.6% to 27.35 p/therm.

 

European spot power prices were bullish on Wednesday, due to an increase in demand on the back of hot weather. The price for the German day-ahead power contract hiked by 71.7% to 35.62 EUR/MWh, while the equivalent French contract settled 7.1% higher at 40.36 EUR/MWh.

 

Meanwhile, forward electricity prices added ground due to higher carbon and gas prices. The price for the German power contract for delivery in 2020 surged by 2.2% to 39.86 EUR/MWh, while the equivalent French contract settled 1.5% higher at 44.52 EUR/MWh.

 

EU carbon prices rebounded on Wednesday driven by strong auction activity in Poland. The contract expiring in 2021 rose by 1.7% to 26.55 EUR/tonne.

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