Energy commodities: 08/02/10

Unless stated otherwise, all prices are for the close of February 5.

Brent crude oil futures: US$70.34/bbl, up 1.1 per cent, as of GMT 8:45, February 8
WTI crude oil futures: US$71.93, up 0.3 per cent, as of GMT 8.45, February 8
German power: €48.19/MWh, down 0.17 per cent
Coal: €90.25/t, down 2.17 per cent
Natural gas: GB 36.70p/therm, up 0.96 per cent
EUAs for December 10 delivery: €13.27/t, up 0.26 per cent
CERs for December 10 delivery: €11.63/t, up 0.61 per cent

Latest buzz
Crude oil is starting to mount a slight recovery after the battering it took over the past week, partly due to a major storm across the US mid-Atlantic, which has resulted in heavy snowfall, which may result in greater demand for oil products, particularly heating oil. The markets have quite a lot of information to absorb today, including reports on Japanese bankruptcies for January and US employment trends for the same month.

February 5 saw EUAs retreat in value, after the previous session’s strong gains, but found forward momentum later in the session on the back of falling oil prices, triggered by a stronger US dollar, which in turn was a response to new US employment data. CERs traded in their usual -€1.75 to -€1.55 range. The market is currently focusing on the forthcoming 52nd meeting of the CDM executive board, which will decide the future of 82 projects, representing in excess of 40m CERS. Some positive sentiment came from the news that Australia is looking to buy 4-6m CERS and ERUS this year, to help meet its obligations under the Kyoto Treaty.