British gas prices pointed losses for the fifth consecutive day on Thursday, due to lower gas consumption and an oversupplied system. Higher wind production also weighed on prices. As a result, NBP spot fell by 0.3% to 31.90 p/therm, while the contract for delivery in Q1 2020 traded 1.1% lower at 58.46 p/therm.
European day-ahead power prices reversed trend, adding gains on Thursday. The price for the German day-ahead power contract soared by 8.1% to 42.95 EUR/MWh, on falling wind output. Meanwhile, the equivalent French contract settled 6% higher at 42.11 EUR/MWh, due to ongoing construction activities at one of the nuclear reactors in the North of France that might disturb supply.
Along the curve, electricity prices also surged, tracking bullish oil prices. The price for the German power contract for delivery in 2020 edged 0.5% higher to 49.43 EUR/MWh, while the equivalent French contract ended 0.3% up at 52.36 EUR/MWh.
EU carbon prices were bearish on Thursday, due to weak auction activity and softer gas prices. The price for the 2020-expiry contract traded 1.6% lower at 25.81 EUR/tonne.back to news