Daily (06.07.2020) NBP spot plunged by almost 5% on Friday influenced by an upward revision of the French nuclear output.

06/07/2020 10:40 Daily

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Crude oil prices lost momentum on Friday, on renewed fears over global fuel demand as U.S reported a surge in coronavirus cases. Nevertheless, signs of improving global economy and OPEC+ record high supply cuts limited the loss. As a result, Brent crude decreased by 0.8% to $42.80 a barrel. Similarly, WTI futures traded 1% lower at $40.24 a barrel.

The NBP spot price fell by 4.8% to 13.80 p/therm on Friday, impacted by the upward revision of EDF’s nuclear output for 2020. Meanwhile, on the curve, most of the UK gas contracts were bullish, tracking a rise in carbon prices. Hence, the Winter 2020 delivery contract traded 1.2% higher at 33.64 p/therm.

 

European spot power prices lost ground on Friday. The German spot power price tumbled by 55.9% to 15.40 EUR/MWh, due to a sharp rise in electricity output from wind turbines. Similarly, the French day-ahead power price plunged by 40.2% to 21.88 EUR/MWh following an increase in nuclear output.

 

On the curve, the German power contract for delivery in 2020 was almost flat at 41.75 EUR/MWh on uncertainty over the direction of the energy market. Meanwhile, a 3% decrease was noticed in the equivalent French power contract, which traded at 46.00 EUR/MWh, as EDF increased its target for nuclear output for 2020.

 

EU carbon prices inched higher on Friday, amidst speculative buying. Despite bearish fundamentals, the price for the 2021-expiry contract closed at 28.21 EUR/tonne, compared to 27.66 EUR/tonne on Tuesday.

 

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