Daily (21.05.2020) European carbon prices rallied above €21 on Wednesday

21/05/2020 15:26 Daily

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Oil prices extended the bullish run on Wednesday due to a fall in U.S. crude inventories and recovering demand following the ease of lockdown measures. Brent crude settled $1.10, or 3.2%, higher at $35.75 a barrel. West Texas Intermediate futures ended $1.53, or 4.8%, higher at $33.49.

UK gas prices moved downwards on Wednesday amidst an oversupplied system, weaker demand and quiet trading. The NBP spot price fell by 1.05 pence, or 9.1%, to settle at 10.55 p/therm. The UK June 20 contract traded 0.39 pence, or 3.5% lower at 10.78 p/therm.

 

European power prices for Friday delivery, the next trading day after a bank holiday, fell on Wednesday on forecasts for a decline in demand and a strong increase in German wind power output. German spot contract dropped by 38.9% to 19.58 EUR/MWh. The equivalent French price shed 8.2% at 17.82 EUR/MWh.

 

On the forward curve, the German year-ahead delivery price rose by 1.4 % to 37.53 EUR/MWh, tracking higher carbon prices. The French year-ahead power contract increased by 1% to 44.9 EUR/MWh.

 

European carbon prices hiked above €21 on Wednesday, due to a rise in demand and the absorption of Poland's large auction. December 2021 expiry European CO2 allowances rose 6.4% to 21.63 EUR/tonne.

Daily (09.07.2020): Higher Norwegian flows led to an oversupply in the British gas system on Wednesday

09/07/2020 10:55:00

Crude oil prices added momentum on Wednesday, following an increase in U.S. crude imports and a weekly decline in gasoline supplies that indicated an improvement in energy demand. Hence, Brent crude traded 0.5% higher at $43.29 a barrel. At the same time, WTI futures edged 0.7% higher at $40.90 a barrel.

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