Energy Commodities: 01/02/2010

Unless stated otherwise, all prices are for the close of January 29.

Brent crude oil futures: US$71.78/bbl, up 0.5 per cent, as of GMT 10:15, February 1
WTI crude oil futures: US$73.19, up 0.6 per cent, as of GMT 10:15, February 1
German power: €49.42/MWh, down 0.16 per cent
Coal: €93.00/t, down 0.53 per cent
Natural Gas: GB 41.70p/therm, up 1.21 per cent
EUAs for December 10 delivery: €12.86/t, down 2.13 per cent
CERs for December 10 delivery: €11.32/t, down 1.91 per cent

Latest buzz
Oil futures have continued their lacklustre performance, weighed down by lingering doubts about the strength of global oil demand and the extent of the Chinese government’s moves to curb possible overheating. The large up-tick in US GDP growth reported last week, although fundamentally positive, negatively impacted on the value of oil, by boosting the US dollar. Looking forward, the news that the US will be running a fiscal deficit of US$1.6trn is likely to be seized on by oil bears, while the market as a whole, will be looking for direction from a key manufacturing report that will be released today. Some upward momentum is coming from the news that Shell was forced to shut three oil flow stations in the Niger Delta due to the sabotage of a key crude pipeline.

The carbon markets have also remained moribund, mainly due to technical reasons, but also as a result of traders factoring in upcoming German and British auctions scheduled for later this week.