European power prices tumbled last week as carbon EUAs posted their largest weekly drop for over 4 months. European gas storage reinjection continued at the slowest pace for the time of year since 2014, EUAs came under significant price pressure last week, posting their largest weekly price drop since January.
Europe
This week's LMP averages followed mostly in line with last week's range, with the exception of NYISO Zone J, where we saw some heat-related uptick, while ERCOT pulled back once again for the second consecutive week.
United States
US natural gas inventories increased by 71 Bcf for the week ending May 14, compared with the five-year (2016–2020) average net injection of 87 Bcf and the market consensus of 67 Bcf. Working gas stocks total 2,100 Bcf, which are 87 Bcf lower than the five-year average and 391 Bcf lower than last year at this time.
United States
CO2 price increased and hit this week again new historical maximum. The electricity market was driven by bullish CO2, increasing gas and coal prices. Slovenian market followed trend on other European markets and increased significantly as well. The near-curve market grew significantly WoW.
Czech Republic & Slovak
A new all-time price record for CO2 came to be last Friday. Speculation on the carbon market has been affecting electricity prices for several weeks now. Natural gas future prices have remained high due to cool temperatures for the season. The price on the fuel market fluctuated last week.
France
Electricity prices have risen significantly in relation to the strong development in prices for CO2, gas and coal. Financial market recovery and temperatures pushed gas and CO2 prices higher. The oil and coal markets were affected by a decline in demand from India.
Germany