Daily (01.06.2018): European carbon contracts posted the biggest 5.8% daily loss in over a year on Thursday

01/06/2018 11:39 Daily

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Oil prices were mixed on Thursday. Brent oil price rose slightly to $77.59 a barrel, due to a larger-than-forecasted drop in crude inventories. WTI crude declined as the Organization of the Petroleum Exporting Countries is likely to bring its supply-cut deal to a close by the end of the year. WTI futures fell by $1.17, or 1.7% to settle at $67.04 a barrel. 

Low consumption for this time of the year led to a decline in British wholesale gas prices on Thursday. UK day-ahead gas price dropped by 0.45 pence, or 0.8%, to end at 59.00 p/therm. Meanwhile, Q3 2018 delivery contract settled 2.1% down at 57.97 p/therm.


European prompt power prices soared on Thursday, lifted by a predicted increase in German consumption and a slump in renewables output. German day-ahead power price jumped by 21.4% to end at 51.30 euros/MWh. The French equivalent contract closed 1.8% higher at 46.78 euros/MWh.


Along the forward curve, electricity prices slumped due to forecasts for higher temperatures and thunderstorms. The German Cal 19’ European benchmark settled 1.1% lower at 41.67 euros/MWh. The French equivalent contract ended 0.6% down at 46.48 euros/MWh.


EU carbon prices registered the biggest daily loss in more than a year as wider energy markets are bearish after the decision of President Trump to impose steel and aluminum tariffs on the EU, Mexico, and Canada and due to precipitated selling at the end of the month. The carbon contract expiring in 2019 settled 5.8% down at 15.09 euros/tonne.

 

 

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