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Market Comments (22/02/2012)
Yesterday saw another day of significant softening on the Day Ahead, losing 3.3% to be assessed at £43.11/MWh, again on the back of recent forecasts maintaining above seasonal normal temperature predictions. On the curve, trades were relatively slow in the morning; however the markets rallied in the afternoon, with front month Brent Crude closing at $121.66/barrel as Iran crude supply was reduced to Europe. Summer-12 closed at £44.18/MWh up 1.35%, whilst Winter-12 firmed by a similar percentage closing at £52.43/MWh. Across the board, the front 4 seasons moved up on average by 1%. Further in on the curve, the front month resisted influence from the prompt, instead taking influence from gas and crude, gaining 27p to close at £43.44/MWh. Carbon also followed lifting power and gas contracts, effectively nullifying the correction on prices seen on Monday. ECX EUAS 2012 rose by €0.43/tCO2e whilst further out the ECX EUAS 2014 gained by €0.48/tCO2e.
Market Comments (22/02/2012)
Contracts on the prompt were relatively range bound for most of the session due to warmer weather until a late surge in prices attributed to heavy buying by financial players. It was the weekend that gained the most from the later rally climbing 1.25p/th to close at 56.50p/th. Demand registered 328mcm, which is around 10% lower than seasonal normal demand. On the curve trading interest was high on the Summer-12 contract which saw gains of 1p/th. This bullish sentiment fed into other contracts on the near curve. Strong Brent Crude also helped to support the near and far curve contracts, the front month contract closed at $121.66/bbl.
