European carbon prices fell to a 3-month low on Tuesday amid continued selling pressure
Oil prices tumbled to their lowest level since late March?before the announcement of a production cut by OPEC+. As a result,?Brent and WTI crude?declined by more than 2% day-on-day, to settle at $80.77 and $77.07 a barrel respectively as risk appetite has affected the market.
British short-term gas prices?ended little changed on Tuesday, with?NBP spot?price holding steady at 97.25p/therm as falling wind generation counterbalanced reduced demand due to milder weather.
On the forward curve,?the price of gas for delivery in Winter 2023?rose by about 1% to settle at 143.96 p/therm, despite comfortable supply fundamentals.
European spot electricity prices?gained ground on Tuesday as falling wind generation lent support to prices.?The German day-ahead power?advanced by around 10% to 110.72 EUR/MWh. In the meantime,?the French equivalent contract?soared by around 6% at 117.85 EUR/MWh, with gains capped by slightly improved nuclear production.
Front-year electricity prices?were mixed on Tuesday.?The German Cal’24 power?rose by 0.4% to 144.57 EUR/MWh, tracking bullish gas prices. In contrast,?the similar contract in France?tumbled by about 7% to settle at 182.00 EUR/MWh amid eased nuclear concerns.
European carbon prices?extended losses, hitting a 3-month low on Tuesday amid continued selling pressure. As a result, EUAs expiring in Dec-23 decreased by around 2% to 86.99 EUR/tonne.
Source: www.energymarketprice.com