Daily (19.06.2020): EUAs broke key technical resistance levels, to trade above €24 on Thursday amid speculator sentiment, bullish auction result

19/06/2020 09:58 Daily

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Crude oil futures climbed on Thursday following the OPEC+ monitoring panel meeting that emphasized the critical importance of adhering to full conformity. However, additional coronavirus cases reported in parts of the United States and China added to market jitters. Hence, Brent crude for August delivery soared by 80 cents, or 2%, to settle at $41.51 a barrel. At the same time, U.S. WTI crude settled at $38.84 a barrel, up 88 cents, or 2.3%.

The British day-ahead gas price dropped by 0.7% at 13.90 p/therm on Thursday, weighed by an oversupplied system. On the other side, the front-month gas prices found support from stronger carbon prices, which would further improve the prospect for gas-fired units in the power mix. As a result, the gas price for July delivery surged by 5.2% to 14.03 p/therm. On the curve, the gas price for Q4 2020 delivery jumped by 3.2% to 28.49 p/therm, tacking higher oil prices.


German and French spot electricity prices were on equal footing on Thursday, as prospects for higher renewables generation dragged down contracts by 6%. Hence, the German day-ahead power settled at 29.85 EUR/MWh, while the French equivalent contract stood at 29.86 EUR/MWh.


Year-ahead power prices strengthened, tracking a bullish energy complex. The German Cal’21 power gained 2.3% at 39.52 EUR/MWh, while the similar contract in France inched 1.9% higher at 46.87 EUR/MWh.


EUAs expiring in 2021 traded above their 200-day moving average for the first time since late last year on Thursday, rallying by 7.4% at 24.80 EUR/tonne amid speculative buying and bullish auction result.

Daily (28.07.2020): European Cal’21 power prices declined to a six-week low on Monday, influenced by a 5% drop in benchmark carbon prices

28/07/2020 09:49:00

Crude oil futures rose modestly at the beginning of the week, gaining little support from new stimulus package in the U.S. and weaker dollar. However, the persisting spread of COVID-19 and its impact on the economy, as well as U.S.-China tensions slashed prices gains. Hence, Brent crude added 0.2% to settle at $43.41 a barrel. At the same time, U.S.WTI crude increased by 0.8% to close at $41.60 a barrel.

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