EU Hits 17GW In Record Year For Wind
January 18, 2024Russian Gas Supply To EU Drops 6.5% In January
February 6, 2024On Thursday, oil prices jumped by around 2%, driven by indications of tightening supply and escalating crisis in the Middle East. Market participants noted that an increasing number of ships avoiding the Red Sea were beginning to disrupt flows, adding additional pressure to the market. Thus, Brent crude settled at $79.10, while WTI crude ended at $74.08 per barrel, both contracts marking a 2% daily increase.
British short-term gas prices edged higher on Thursday as technical buying lent support to prices. Consequently, the NBP spot edged 0.6% up to settle at 69.40 p/therm.
Along the forward curve, the gas price for Sum-24 delivery increased by about 1% to reach 68.72 p/therm, influenced by fears of LNG supply tightness due to delayed cargoes arrivals caused by tensions in the Red Sea.
European spot electricity prices lost ground on Thursday amid improved renewables generation. The day-ahead power price in Germany tumbled more than 15% to settle at 78.51 EUR/MWh, while the similar contract in France stood at 82.00 EUR/MWh, marking a 5% daily decrease as rising heating demand limited losses.
Along the forward curve, front-year electricity prices posted modest gains, tracking bullish gas prices. The German Cal’25 power price ended 0.2% higher at 80.51 EUR/MWh, while the similar contract in France closed at 76.20 EUR/MWh, 0.5% higher day-on-day.
European carbon prices moved sideways on Thursday, but concluded on a bearish note as the bearish sentiment dominated the market. Hence, EUAs expiring in Dec-24 edged 0.2% down to settle at 63.01 EUR/tonne.
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