Energy Commodities: 29/01/2010

Unless stated otherwise, all prices are for the close of January 28.

Brent crude oil futures: US$72.54/bbl, up 0.6 per cent, as of GMT 09:00, January 29
WTI crude oil futures: US$74.00, up 0.1 per cent, as of GMT 09:00, January 29
German power: €49.50/MWh, down 1.08 per cent
Coal: €93.35/t, down 3.51 per cent
Natural Gas: GB 40.94p/therm, up 2.45 per cent
EUAs for December 10 delivery: €13.14/t, down 1.94 per cent
CERs for December 10 delivery: €11.54/t, down 1.95 per cent

Latest buzz
Nymex crude oil futures have been hitting the rocks as a result of a strong US dollar, but are starting to rise as traders are beginning to believe that a rebound may be in store. However, building US gasoline and distillate inventories suggest the opposite. The markets today will be looking to the release of US 4Q09 economic data later in the day.

EU and UN carbon credits took quite a battering, dropping almost two per cent despite higher natural gas prices and cheaper coal. Although some bearish sentiment may have been triggered by a 1.08 per cent drop in German power, it is thought that the weakness may have been the work of technical factors rather than market fundamentals. Over in the US, the conspicuous absence of cap and trade from President Obama’s State of the Union address caused a six per cent drop in the value of RGGI credits.