Daily (02.10.2020): Oil prices fell to a two-week low on Thursday, posting their first monthly decline since April amid virus fears

02/10/2020 09:34 Daily

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Oil prices dipped to a two-week low on Thursday as coronavirus flareup is causing renewed concerns over more lockdown measures, clouding the demand outlook. Moreover, a rise in OPEC output in September added further pressure on oil prices. Hence, Brent crude fell by $1.37, or 3.2%, to settle at $40.93 a barrel. Meanwhile, U.S. WTI crude shed by $1.50, or 3.7%, to close at $38.72 a barrel. In September, Brent lost 9.56%, while WTI 5.61%. This is the first month of decline since April.

A stronger wind power generation outlook and higher imports from Norway dragged down British near-term gas prices on Thursday, with the gas price for day-ahead delivery trading 1.9% down at 33.15 p/therm.

 

On the curve, the gas price for year-ahead delivery declined by 0.9% to 36.97 p/therm, tracking bearish oil and carbon prices.

 

European spot electricity prices dropped sharply on Thursday, influenced by higher wind and solar energy generation. Thus, the German day-ahead power dived by 13% to 35.68 EUR/MWh, while the French equivalent power contract plummeted by 12.7% to 38.50 EUR/MWh.

 

Year-ahead power contracts were bearish, tracking a bearish energy complex. As a result, the German Cal’21 power decreased by 1.4% to 41.05 EUR/MWh, while the similar contract in France settled at 45.92 EUR/MWh, posting a 2.7% loss day-on-day.

 

EUAs expiring in 2021 shed by 1.6% to 26.72 EUR/tonne on Thursday, pulled down by a poor auction result, worsening prospects for a UK-EU trade pact and a bearish energy complex.

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