Daily (06.07.2018): German day-ahead electricity price slumped by 7.7% due to rising wind supplies

06/07/2018 11:44 Daily

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Oil prices dropped on Thursday, due to rise in U.S. crude inventories concerning the potential trade war between world’s major economies - China and the United States. Brent crude slipped by 1.1% to $77.39 a barrel, while WTI crude dropped by 1.9% to $72.94 a barrel.

UK gas contracts were bullish on Thursday, despite the downward evolution in oil and coal prices. NPB spot price surged by 1.2% to 57.3 p/therm, due to lower temperatures and weak wind output. At the same time, the August 2018 delivery contract traded 1.2% higher at 57.97 p/therm.

 

European spot power prices continued their bearish trend on Thursday, as forecasts for rising wind supplies weighed down on demand for air conditioning.

 

The German day-ahead delivery contract lost 7.7% to settle at 47.81 EUR/MWh, while the French equivalent contract slumped by 7.3% to close at 51.86 EUR/MWh.

Further along the curve, German Cal 19’ delivery contract gained 0.9% at 44.55 euros/MWh and the French year-ahead power contract ended 1.3% up at 49.43 euros/MWh.

 

European carbon prices set a monthly record on Thursday, as expansion in power stirred auction on predictions of increased demand from utilities in the upcoming months. The carbon contract expiring in 2021 ended 1.1% higher to 16.74 euros a tonne.
 

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