Daily Energy Market Overview, Tuesday, January 18, 2011

18/01/2011 10:27 Electricity Market

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Oil prices dropped on Monday following a stronger dollar and as main Alaskan oil pipeline became entirely operational after supply disruptions during more than a week, while an OPEC report indicated that the market was well supplied.

U.S. crude for February, which only traded electronically because of the Martin Luther King U.S. public holiday, dropped by 52 cents to 91.02 dollars a barrel by 3: 05 EST, while the ICE Brent for March fell by 92 cents to 97.46 dollars. Colder weather forecasts pushed power prices for next week up on the European energy market on Monday. As a result, French prices for next week delivery baseload surged 7 euros to 52.75 euros per MWh in the over-the-counter market, while the equivalent contract in Germany, which depends less than France on electric heating, increased by 3 euros to 54.60 euros. Meanwhile, spot prices increased as well, following lower wind power supply in Germany. Thus, spot prices for baseload added 3.50 euros to 52.75 euros in France and 1.40 euros to 51.40 euros in Germany. EUAs futures rose on Monday with the ICE ECX December 2011 EUA contract up 5 cents from the closing session on Friday at 14.57 euros, while the ICE ECX December 2011 CER contract rose 4 cents, trading at 11.10 euros.

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