EU Energy Pricing Trends - 23 Apr. 2021

EU Power Pricing Trends | 23 April 2021

Many annual power contracts across Europe were pushed to record highs last week as carbon EUAs surged over 6%. The headline-grabbing gains in European carbon allowances offset any bearish headwinds emanating from oil and coal markets, which were driven lower by a worrying virus resurgence in some of the world’s top energy consumers. Further supporting European power prices was an ongoing pattern of weak renewable generation. Across northwest Europe, solar and wind accounted for 7% and 10% of total power generation last week, respectively, versus 9% and 19% during the same period last year.

EU Natural Gas Pricing Trends | 23 April 2021

LNG imports into northwest Europe’s major terminals averaged more than 200 mcm/d last week as high prices continued to tempt more cargoes to European shores. As it stands, April 2021 will be a record for LNG imports into the region. Nevertheless, the LNG schedule failed to limit further gains in European gas prices as renewable power generation fell short of expectations and aggregate storage levels remained significantly below their average for the time of year. Further exacerbating price gains was a marked drop in southbound gas flows from Norway amid a number of gas field outages.

EU Energy Complex | 23 April 2021

Carbon EUAs received a significant boost last week, pushing the December-21 benchmark beyond €47/tonne for the first time. The gains were driven chiefly by an agreement reached between EU lawmakers to make the bloc’s climate plans legally binding, while the looming April 30th compliance deadline provided additional support. Record Coronavirus transmission rates across India stoked caution across global oil markets last week, with futures easing lower into the weekend. The situation in India has re-exposed concerns over a patchy global demand recovery, offsetting promising economic data out of the U.S. and Europe.

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