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GERMAN – Cal 19 set for largest weekly gain since Fukushima

07 Sept 2018 12:41

07 Sept 2018 12:41

(Montel) The front-year contract was set to see its biggest weekly gains since the Fukushima disaster in March 2011, while also hitting a near seven-year high on a rolling basis, amid jumping coal and carbon prices.

The Cal 19 contract was last seen up EUR 1.75 at EUR 54.45/MWh, an increase of EUR 3.75 week on week. Earlier, the contract hit its highest point since November 2011 at EUR 54.70/MWh.

Traders pointed to strong coal and carbon prices.

The Dec 18 EUA contract earlier hit a fresh 10-year high of EUR 23.35/t and was last seen up EUR 1.60 at EUR 23.07/t, while API 2 front-year coal gained USD 0.97 to USD 95.65/t.

Rally to continue?
“It seems like the contracts push each other up,” said a Germany-based trader, adding there were no indications that prices would fall in the near term.

“The only reason might be technical. But you can forget that at the moment. The Cal 19 was already overbought, now it is even more overbought but if carbon continues to rise there is nothing more to say.”

He also pointed to higher spot prices as providing support.

Energy Quantified – a Montel company – predicted Sunday’s spot out-turn at EUR 50.26/MWh, which would make this week the most expensive for baseload on average since early 2017.

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