Daily (03.01.2020): German spot power dips 33% on Thursday as wind output is set to double

03/01/2020 10:22 Daily

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Crude oil prices posted modest gains on Thursday on escalating tensions in the Middle East and signs that the initial trade deal with China at the White House will be inked this month. Nevertheless, a stronger U.S. dollar limited the gains.

Brent crude for March delivery rose by 25 cents, or 0.4%, to settle at $66.25 a barrel. WTI crude added 12 cents, or 0.2 % to close at $61.18.


An oversupplied system caused by stronger LNG supplies weighed on the British prompt gas prices on Thursday. NBP spot gas ended at 26.75 p/therm, down 1.5% day-on-day.

 

Further along the curve, prices also declined. The February 2020 gas price fell slightly to 31.03 p/therm, while gas for delivery in March slipped by 1.4% to trade at 30.63 p/therm.

 

European spot power prices plunged on Thursday, as wind energy output is expected to more than double in Germany and due to higher nuclear availability in France. German power for day-ahead delivery fell sharply by 33% to 26.11 EUR/MWh, while the French equivalent contract dipped by 6.7% to 36.84 EUR/MWh.

 

Along the forward curve, prices were bearish on Thursday due to weaker gas and carbon prices. German year-ahead contract settled at 44.13 EUR/MWh, while the French equivalent contract traded at 45.65 EUR/MWh.

 

The carbon contract expiring in 2020 declined by 0.2% to stand at 24.58 EUR/tonne, amid a bearish energy complex.

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Daily (19.02.2020): NBP spot soared by 2.8% on Tuesday due to weak LNG supply

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