Daily (10.09.2018): Carbon contracts posted a 10% weekly gain on Friday

10/09/2018 11:36 Daily

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Friday saw a steady evolution in oil prices, with U.S. crude dropping on weak global equity markets, while Brent saw an upward trend due to geopolitical factors, including violent protests in the southern Iraqi city of Basra.

 

Brent crude price rose by 0.4% to close at $76.83 a barrel, resulting in a 0.8% decrease for the week. In spite of the fact that Iraqi protesters entered a 400,000 barrel per day oilfield facility operated by Lukoil and held two staff members hostage, WTI crude insignificantly slipped to trade at $67.75 a barrel.

Gas contracts have seen a strong upward trend on Friday, due to lower imports and forecasts for colder weather. Moreover, global rising energy prices helped lift gas prices. NBP spot price increased by 1.6 % to 74.70 p/therm. Further along the curve, Q4 2018 delivery contract settled 1.3% higher at 77.5 p/therm.

 

European spot power prices shed on Friday, while the year-ahead power contracts set record highs. Despite minor variations in supply and demand in Germany and France, the power prices for day-ahead delivery slumped by 19.7% and 4.5%, to settle at 50.11 and 58.84 EUR/MWh respectively.

 

Along the forward electricity curve, prices rose amid a rally in carbon emissions and strength across energy markets. The German 2019-delivery contract set a record peak, ending at 54.47 EUR/MWh, or a 2.9% gain. Meanwhile, the French equivalent Cal’19 contract settled 3.2% higher at 59.93 euros/MWh.

 

The benchmark EU carbon prices raced to a new 10-year high above €23 on Friday, hiking by almost €2 to continue the previous day’s large gains and extend this year’s massive bullish sentiment. EU carbon contract expiring in 2019 closed at 23.51 euros a tonne, or around 8.1 % higher.

 

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