Daily (27.09.2019): European carbon prices jumped by 1.7% on Thursday amidst bullish technical signs

27/09/2019 11:13 Daily

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Crude oil prices were mixed on Thursday. Brent crude inched up by 0.6% to $62.74 a barrel, following Donald Trump’s affirmation that a deal between China and U.S. could happen sooner than expected. Meanwhile, sluggish economic data in major European economies and Japan, as well as a faster-than-anticipated recovery of Saudi output after the recent attacks sent WTI futures 0.1% down at $56.41 a barrel on Thursday.

British gas prices were mixed on Thursday. NBP day-ahead price decreased by 1.2% to 24.70 p/therm, due to oversupply. On the curve, prices strengthened backed by the increase in carbon prices, which could result in higher gas burn, and outages affecting Norwegian flows. Hence, the contract price for delivery in Q1 2020 rose by 1% to 53.21 p/therm.

 

European spot power prices were bearish on Thursday. The price for the German day-ahead power contract fell by 7.5% to 38.44 EUR/MWh amidst rising wind power supply. At the same time, the equivalent French contract settled 5.3% lower at 37.24 EUR/MWh, due to steady nuclear availability and lower demand.

 

Meanwhile, higher gas and carbon prices lent support to forward electricity prices on Thursday. The price for the German power contract for delivery in 2020 edged 0.3% higher at 48.64 EUR/MWh. The equivalent French contract remained almost flat at 51.12 EUR/MWh.

 

EU carbon prices reversed trend posting gains on Thursday amid bullish technical indicators. The contract expiring in 2021 rose by 1.7% to 26.29 EUR/tonne.

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