Daily (03.08.2020): NBP spot climbed by 5% on Friday, due to higher gas-for-power demand

03/08/2020 11:10 Daily

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Crude oil prices inched higher on Friday, stimulated by a weaker dollar and record high oil supply cuts by US in May. Consequently, Brent crude rose by 1.2% to $43.75 a barrel, while WTI futures increased by 0.6% to $41.27 a barrel.

The NBP day-ahead price spiked by 5% to 13.20 p/therm on Friday as a decrease in wind output boosted gas-for-power demand. Further along the curve, the contract price for delivery in Q1 2021 declined by 0.4% to 35.46 p/therm influenced by uncertainty over long-term gas demand.

 

European spot power prices were bearish on Friday, weighed by lower power consumption. The price for the German day-ahead power contract plunged by 28.5% to 28.31 EUR/MWh, while the equivalent French contract settled 20.8% lower at 32.80 EUR/MWh.

 

Meanwhile, forward electricity prices added ground, tracking higher carbon prices. The price for the German power contract for delivery in 2020 increased by 0.7% to 39.37 EUR/MWh, while the equivalent French contract settled 0.7% higher at 44.32 EUR/MWh.

 

EU carbon prices rebounded on Friday ahead of a month-long reduction in auction supply. The contract expiring in 2021 rose by 2.9% to 26.64 EUR/tonne.

Daily (18.09.2020): European carbon prices fell by more than 5% on Thursday due to stronger selling

18/09/2020 14:15:00

Oil prices rose for the third consecutive day on Thursday, following OPEC’s meeting which had a positive influence on market. However, oil market is still kept under pressure, due to higher supply and flagging demand. Hence, Brent crude soared by nearly 2.6% to $43.30 a barrel. While the American WTI crude gained 2% to settle at $40.97 a barrel.

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