Oil Surplus Risk Builds as Gas and Carbon Prices Rise
Oil Surplus Risk Builds as Gas and Carbon Prices Rise July 01, 2026 Oil Surplus Risk Builds as Gas and Carbon Prices Stay Firm Macro…
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NWE spot baseload power prices weakened yesterday, to €112.303/MWh on average for today delivery (compared to €118.879/MW for Thursday), pressured by forecasts of higher wind generation (5596 MW for today in Germany, compared to 3151 MW yesterday).
EUA Dec’21 prices resumed their uptrend and closed at €61.52/t (+2.33% day-on-day), supported by the rise in the CO2 switching level between gas and coal in a context of lower auction supply.
Curve power prices followed the increase in clean fuel costs. German Cal 2022 baseload prices closed at €89.66/MWh yesterday, +1.77% compared to the previous session. French Cal 2022 baseload prices were up by 1.54%, closing at €92.50/MWh.
Like clean fuel costs, curve prices could continue to increase today. However, technical resistances (€90.52/MWh on German Cal 2022 baseload) could contribute to limit gains.