Daily(11.07.2018): European carbon prices slightly rose on Tuesday, on bullish trend of power prices

11/07/2018 11:30 Daily

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Oil prices rose on Tuesday, supported by a higher-than-expected U.S. stock draw and supply worries in Norway and Libya. Brent crude increased by 1% to $78.86 a barrel. WTI crude edged 0.4% higher at $74.11 a barrel, following Mike Pompeo’s comments on exceptional waivers over Iranian sanctions.

Most of the UK gas contracts dipped on Tuesday, due to an oversupplied system and lower than predicted demand from utilities. August delivery contract traded 0.7% lower to 58.92 pence/therm. Meanwhile, NBP spot price dropped by 1% to close at 59.10 p/therm. 

 

European power prices were mixed on Tuesday, due to an upward evolution in carbon, coal and oil futures on one hand, and predictions for lower wind power generation on the other. German spot power price tumbled by 0.9% to end at 52.50 EUR/MWh, while the French electricity baseload contract delivery slipped by 0.7% to 52.57 EUR/MWh.


Further along the curve, the German Cal’ 19 contract soared by 1% to 45.62 EUR/MWh. The French equivalent contract for year-ahead delivery traded 1.4% higher at 50.46 EUR/MWh.


EU carbon prices continued their bullish trend on Tuesday, reaching another 1-month peak due to bullish trend of the power prices. The carbon contract expiring in 2020 ended 0.5% higher at 16.65 euros a tonne.

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