21 July 2021

Market Price Assessment – PPA , GPA and Carbon Markets 21st July 2021

  • Brent ICE 1st nearby ($/b) 79.53 7.59%
  • TTF ICE Month-Ahead (€/MWh) 76.51 1.19%
  • TTF ICE Cal 2022 (€/MWh) 48.37 5.31%
  • NBP ICE Month-Ahead (p/th) 190.38 -.38%
  • Henry Hub NYMEX ($/MMBTU) 5.71 14.46%
  • NE Asia LNG JKM Platts ($/MMBTU) 28.90 9.29%
  • API 2 ICE Cal 2022 ($/t) 149.06 18.25%
  • DE EEX Base Cal 2022 (€/MWh) 113.91 8.18%
  • FR EEX Base Cal 2022 (€/MWh) 118.32 8.05%
  • EUA ICE Dec'21 (€/t) 64.37 6.08%

“The market has been pressured by the falling fuels and oil markets and a weak morning auction”  find out latest market fundamentals for PPA, GPA and the Carbon Market

Tom Rees – Market Analyst for New Stream Renewable

Carbon Markets :
  • The EUA Dec.21 contract fell to a month low of 50.50€/t on Tuesday.
  • Last week the EC set out plans  for the inclusion of shipping in the ETS from 2023, and implementation of a Carbon Border Adjustment Measure from 2026.
  • The pull back of UKA and EUA prices over the last fortnight has meant that the UKA prices are now below the CCM trigger level for August (£44.74).
  • We have also seen a growing premium of UKA over EUA GBP equivalent having reversed its initial delta, as shown in the graph.
Gas (GPA) and Power (PPA) :
  • European gas prices weakened yesterday, pressured by market talk of an imminent US-German agreement on Nord Stream 2.
  • UK Power was also lower driven down by the fading gas and carbon prices.
  • On the gas supply side Russian flows remained stable this week, with the Nord Stream 1 gas pipeline still shut for a 10-day planned maintenance that started on 13 July.
  • Crude oil prices have pulled back from highs of $77 last week on the back of stronger stock levels and OPEC news.