Daily (22.01.2021): Carbon prices rose by nearly 4% on Thursday, supported by investor’s interest and cold weather outlooks

22/01/2021 11:16 Daily

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Oil prices closed rather flat on Thursday. The United States’ return to the Paris climate agreement and the discontinuation of the Keystone XL pipeline project put pressure on oil prices. On the other hand, prices received support from the US fiscal stimulus package. Consequently, Brent oil settled on par with Wednesday’s close at $56.10 a barrel, while WTI crude edged 0.3% lower at $53.13 a barrel.

The British front-month gas price decreased on Thursday, weighed by expectations for increased LNG supply. Despite a currently undersupplied system, the February NBP contract lost 1.5% to close at 56.57 p/therm. Long-term contracts were bullish, following a surge in carbon prices yesterday. As such, the Sum2021 gas contract traded 0.6% higher at 43.01 p/therm.

 

European day-ahead power prices rebounded sharply on Thursday, supported by outlooks of freezing temperatures and lower wind generation. As a result, the German spot power price rocketed by 41.44% to 42.53 EUR/MWh, while the French spot power price soared by 20.1% to 49.95 EUR/MWh.

 

Contracts on the curve were bullish, tracking stronger carbon prices. Hence, the German Cal’22 power contract traded 1% higher at 50.71 EUR/MWh and the French Cal’22 power price edged 0.7% higher at 51.83 EUR/MWh.

 

Carbon EUA’s surged by nearly 4% yesterday, driven by investors’ interest and prospects of increased fossil-fuel generation due to colder weather outlooks and less wind. Consequently, the CO2 contract expiring in December 2021 gained 3.7% to close at 34.11 EUR/tonne.

 

Carbon

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