Daily (12.04.2019): Carbon prices hit a fresh 11-year peak on Thursday, after the second Brexit extension

12/04/2019 10:21 Daily

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Crude oil prices declined on Thursday, due to concerns that OPEC might increase its oil production as of July if oil supplies from Venezuela and Iran continue to tighten and consequently support prices. The surging U.S. crude inventories also weighed on prices. WTI futures lost 1.6% to settle at $63.58 a barrel, while Brent crude price dropped by 1.3% to $70.83 a barrel.

British wholesale gas prices were set to recover from the previous fall on Thursday, tracking higher carbon prices, amidst speculations that Norwegian gas supply might be adjusted to better cope with competing abundant LNG flows which drag prices down. The contract price for delivery in June 2019 rose by 2.1% to 38.54 p/therm. NBP spot was 0.1% up at 40.45 p/therm, as gains were capped by robust send-out into an oversupplied system. 

 

The European day-ahead electricity prices inched higher on Thursday. The German spot power contract added 0.4% to end at 44.90 EUR/MWh, due to weaker wind and solar power output. In the meantime, the same gain was noticed in the equivalent French contract, which traded at the same price of 44.90 EUR/MWh, as lower temperatures lifted demand, amid reduced wind generation and steady nuclear availability.

 

Along the forward curve, power prices reversed trend to retreat on Thursday, influenced by the decline in oil prices. The German power contract for delivery in 2020 settled 1.3% down at 50.69 EUR/MWh. The equivalent French contract price decreased by 1.5% to 53.61 EUR/MWh.

 

The European carbon prices were seen in a continuous hike to another 11-year high on Thursday, following the second extension of Brexit deadline, which allowed more time to avoid a no deal withdrawal and thus helped avoid a rush sell-off of EU permits of British companies. The price for the 2021-expiry contract spiked by 4.5% to 28.09 EUR/tonne, in the context of supportive gas and coal prices.

 

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