Daily (25.06.2019): The EUAs spiked by 4.2% to a one-month peak on Monday, amid technical buying and higher thermal generation

25/06/2019 10:45 Daily


Oil prices diverged on Monday. Brent crude setlled 0.5% lower at $64.86 a barrel on returning concerns over a scarce crude demand, with traders awaiting the outcome of the G20 summit at the end of this week. Meanwhile, WTI futures rose by 0.8%, to $57.90 a barrel, as the prospect of tighter oil supply worsened after U.S. President Donald Trump imposed new sanctions on Iran in the context of ongoing fears of a military conflict between the U.S. and Iran. Expectations of extended oil output cuts from OPEC and its allies after their meetings on July 1-2 helped balance the market.

British forward gas prices were mainly bullish on Monday, supported by a slight undersupply and increased gas-fired generation due to an approaching heatwave. The contract for delivery in Q1 2019 traded 1% higher at 55.89 pence/therm. On the other side, the NBP spot price dropped by 1.8% to 27.10 pence/therm, influenced by steady LNG arrivals.


European day-ahead electricity prices posted strong gains on Monday, as the hot spell forecasted for this week lifted electricity demand for cooling. A decline in the wind power output lent more support to prices. The German day-ahead power price surged by 28.1% to 40.52 euros/MWh, while the price for the French equivalent power contract soared by 38% to 33.54 euros/MWh.


On the curve, electricity prices extended their rise on Monday, supported by the upward movements on the carbon, gas and coal markets. The German power contract for delivery in 2020 ended 3.2% higher at 49.02 euros/MWh. At the same time, the French equivalent contract price climbed by 2.8% to 51.90 euros/MWh.


Monday saw a continuous upward evolution in the European carbon prices, which boosted them to a one-month high, amid technical buying. Prices were also largely supported by firmer thermal power generation and hotter weather on the continent. The price for the contract expiring in 2019 jumped by 4.2% to 26.37 euros/tonne.

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