Daily (30.09.2019): European spot power prices seen in a sharp fall on Friday due to strong supply

30/09/2019 11:28 Daily


Crude oil prices lost ground on Friday, after media reported about a potential reduction of the U.S. investment portfolio into China, raising prospects of an aggravation of the U.S.-China trade tensions. Further pressure came from a contraction in the profits earned by Chinese industrial companies in August. In addition, Saudi Arabia’s strong efforts to bring its oil output back on track sooner than expected continued to weigh on prices. Brent crude fell by 1.3% to $61.91 a barrel, while WTI futures inched down by 0.9% at $55.91 a barrel.

Weaker oil markets and ample storages put pressure on British forward gas prices on Friday. The price for delivery in Q1 2020 declined by 0.6% to 52.88 p/therm. In the meantime, NBP spot spiked by 3.2% to 25.50 p/therm, boosted by reduced pipeline supply from Norway and firmer demand caused by cooler temperatures.


Strong renewable and conventional power generation coupled with sluggish demand ahead of the weekend weighed heavily on European prompt power prices on Friday. The price for the German day-ahead power contract slumped by 37.3% to 24.10 EUR/MWh. Concurrently, the equivalent French contract price plunged by 23.8% to 28.37 EUR/MWh.


On the curve, electricity prices also retreated on Friday, tracking bearish carbon prices and oil prices, and the downward movements in gas futures. The price for the German power contract for delivery in 2020 decreased by 1.1% to 48.08 EUR/MWh, while the equivalent French contract edged 0.6% down at 50.84 EUR/MWh. 


EU carbon prices fell back on Friday amid a weaker energy complex pressured by concerns over a slower global economic growth. The 2020-expiry contract traded 1.3% lower at 25.54 EUR/tonne.

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Oil prices extended the bullish run on Wednesday due to a fall in U.S. crude inventories and recovering demand following the ease of lockdown measures. Brent crude settled $1.10, or 3.2%, higher at $35.75 a barrel. West Texas Intermediate futures ended $1.53, or 4.8%, higher at $33.49.


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