Czech Energy Pricing Trends - 4 June 2021

CO2 price (Dec-21) decreased by 1,6 EUR/t WoW to level 50,24 EUR/t WoW. Today CO2 started with further decline (below 50,00 level), but by afternoon it grew to level above 51,00 EUR/t. High volatility remains in this market. Brent price (Aug21) increased by 2,11 USD/bbl WoW to 71,31 USD/bbl. Brent price is trading today slightly below 72,00 level. Coal API (Jul21) increased significantly by 8,75 USD/t WoW to 98,6 USD/t and today is trading close to 99,00 level. The growing energy mix in near curve market (coal, gas and oil) held electricity prices high; however, they slightly declined driven by CO2 price decline. Coal continued in very strong growth thanks to strong Asian demand and remaining problems with coal supply from Columbia. Oil grew as well thanks to higher demand expectations due to good economic data from USA as well as coming summer, which is traditionally strong season with high oil-products demand. Analysts now expect EUAs to continue to trade around EUR 50/t in coming weeks; however, some argue that speculative capital looks for further signals for price growth. High price of coal and gas will probably keep electricity prices elevated and for more significant electricity price decline we would have to see coal and gas (along with CO2) price decline as well.

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Miroslav Ceman

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