Daily (08.09.2017): German year-ahead power contract at 32-month high

08/09/2017 11:17 Daily


Oil futures varied on Thursday, with Brent jumping to a 5-1/2-month peak, while U.S. crude dropped on a larger-than expected crude stock build, as the relaunch of U.S. refiners after Hurricane Harvey was countered by the threat of Hurricane Irma. 

Brent crude futures gained 29 cents, or 0.5%, to settle at $54.49 a barrel, close to yesterday’s peak of $54.79 a barrel, their highest level since April. Meanwhile, WTI crude futures fell to $49.09 barrel.

British wholesale gas prices surged on Thursday ahead of domestic fields and Nord Stream gas pipeline maintenance, which is estimated to reduce supply. Day-ahead gas contract was one of a few contracts to post a loss, down 0.47 pence, to end at 45.78 p/therm.  Nevertheless, the gas price for delivery in Winter 2017 rose by 0.24 pence at 50.39 p/therm. 


European prompt power prices headed south on Thursday under the influence of strong wind power supply in the region and on forecasts of lower consumption ahead of the weekend. German baseload power for Friday delivery dropped by 18 percent to 27.24 euros per MWh. The equivalent French day-ahead contract closed almost 8% down to 32.07 euros/MWh.


Along the power forwards curve, the German benchmark 2018 contract touched the 32-month high on Wednesday. The German baseload power contract for delivery next year was 0.12 percent up at 34.48 euros/MWh. The equivalent French year-ahead contract fell slightly to 41.01 euros/MWh.

EU carbon prices prolonged their recent sharp increase on Thursday to extend a 16-month high and surpass the €7 level for the first time this year, unfazed by a rare annulled EUA auction. The EUA carbon contract expiring in 2020 soared by more than 3% to end at 7.10 euros a tonne.

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