Daily (01.11.2019): EUAs sank by 1.5% on Thursday, due to weak auction activity

01/11/2019 11:11 Daily

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Crude oil prices declined on Thursday, amidst data showing weak factory activity in China that weighed on global demand. As a result, Brent crude traded 0.6% down at $60.23 a barrel. At the same time, a leak on a key U.S. pipeline disrupted supply flows, pushing WTI futures down by 1.6% to $54.18 a barrel.

British forward wholesale gas prices inched up on Thursday on expectations for lower temperatures. The contract for delivery in Summer 2020 rose by 0.2% to 39.41 p/therm. Meanwhile, NBP spot plunged by 8% to 23.10 p/therm, due to stronger Norwegian flows, rising wind output and plentiful LNG supply.

 

European spot electricity prices extended their fall on Thursday, in anticipation of an increase in wind output and ahead of All Saints Day holiday across parts of Europe. Hence, the French prompt power price plunged by 24.3% to 32.27 EUR/MWh, while the German equivalent contract tumbled by 31.8% to 31.70 EUR/MWh

 

Further on the curve, power prices weakened on Thursday, following the decline in carbon prices. The German Cal 2020 delivery contract fell by 0.7% to 46.56 EUR/MWh, while the French equivalent contract was 1.3% lower at 49.13 EUR/MWh.

 

European carbon prices dropped on Thursday, pressured by a soft auction activity. The price for the contract expiring in 2021 declined by 1.5% to 26.03 EUR/tonne.

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