Daily (01.02.2019): EU carbon prices plunged by 3.4% on Thursday, amid weaker power prices and ahead of the German auction restart

01/02/2019 10:36 Daily


Oil spot prices were mixed on Thursday. WTI crude declined by 0.8% to settle at 53.79 USD/bbl, on continued concerns over a sluggish global economic growth. Meanwhile, Brent crude rose by 0.4% to close at 61.65 USD/bbl, following data showing a drop in Saudi Arabia’s crude supply to the United States and the recently imposed U.S. sanctions on Venezuelan exports.

British gas prices fell on Thursday, due to expectations for stronger liquefied natural gas (LNG) arrivals and robust flows from the North Sea. An oversupplied system put pressure on the NBP spot price, which slumped by 2.4% to 53.20 p/therm, while the contract for year-ahead delivery traded 0.4% lower at 54.28 p/therm.


European spot electricity prices slumped on Thursday on milder weather forecasts, and stronger wind power output. The German day-ahead power price retreated by 7.3% to close at 55.48 EUR/MWh, while the equivalent French contract traded 2.7% down at 59.49 EUR/MWh.


Along the curve, prices also sank following weaker fuels and carbon market prices. The German power contract for delivery in 2020 recorded a 1.6% drop to end at 48.77 EUR/MWh, while the equivalent French contract lost 2.2% to settle at 51.55 EUR/MWh.

EU carbon prices plunged on Thursday ahead of Germany’s first auction in almost three months and falling power prices. The price for the 2021-expiry contract was 3.4% down at 23.27 EUR/tonne.


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