Daily (23.08.2019): EU carbon prices fell to an 8-week low on Thursday, weighed down by technical weakness

23/08/2019 10:44 Daily


Crude oil prices inched down on Thursday, due to weaker equity markets and uncertainty over the outlook for U.S. interest rate cuts. Both Brent crude and WTI futures fell by 0.6% to $59.92 and $55.35 a barrel respectively.


British gas prices diverged on Thursday. NBP spot climbed by 2.5% to 28.60 p/therm, due to maintenance works that disturbed imports from Norway. Meanwhile, prices on the forward curve dropped, due to robust supply and a drop in oil prices. The contract price for delivery in Q1 2020 declined by 1.4% to 51.70 p/therm.


European prompt power prices were mixed on Thursday. The price for the German day-ahead power contract rose by 2.8% to 37.32 EUR/MWh, as wind volumes are set to fall.  At the same time, the equivalent French contract settled 6% lower at 31.31 EUR/MWh, on rising nuclear availability.


Meanwhile, forward electricity prices were rather constant amid a bearish energy complex. The price for the German power contract for delivery in 2020 closed at 48.32 EUR/MWh, while the equivalent French contract settled at 49.89 EUR/MWh.


EU carbon prices fell to an 8-week low on Thursday, pressured by technical weakness. Therefore, the contract expiring in 2020 decreased by 1.4% to 25.93 EUR/tonne.


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