A bullish gas market dynamic and further gains in Europe’s carbon market drove CY 2022 contracts higher. LNG deliveries to NW Europe withered as tankers were persuaded away from the region. The speculative rally in carbon EUAs resumed last week as the Commission signalled that it would not look to curb investor interest.
Europe
The European energy market continued to trade in contradiction to the area’s economic performance. Despite an improvement in Europe’s vaccination effort, the rectification came too late to reverse the economic damage inflicted by the tighter travel and trade restrictions experienced.
Europe
Annual power contracts across Europe were pushed to record highs last week as carbon EUAs surged over 6%. April 2021 will be a record for LNG imports into the region. Carbon EUAs received a significant boost last week, pushing the December-21 benchmark beyond €47/tonne for the first time.
Europe
An overwhelmingly bullish energy market backdrop underpinned across-the-board gains in European annual power contracts last week. Contracts across major hubs pushed higher week-on-week, supported by a jump in crude and coal prices. European coal posted the strongest week-on-week gains since late November 2020.
Europe
Carbon EUAs jumped early last week, amid a wave of compliance buying and bullish spill-over from financial markets and, despite falling day-on-day throughout the remainder of the week, prices notched a 3% gain for the week. European LNG imports continued to rise last week, climbing 13% Friday-to-Friday.
Europe
European energy prices exhibited strength into the end of March amid forecasts of cold weather. The gains in European power came in spite of climbing virus rates across the continent and widespread political turmoil over the need for further lockdowns.
Europe