POWER: Energinet Launches Consultation on Long-Term Hydrogen Capacity Method
Dec-06 12:37
Danish TSO Energinet has launched a market consultation on the method for defining long-term hydrogen capacity products in Denmark, with feedback due by 10 January 2025, it said today.
- According to the TSO, the method focuses on how actors will purchase pipeline capacity in advance and on an ongoing basis, with long-capacity products offered as one-year products.
- Participants can also purchase flexible annual capacity for up to 15 years, allowing for varied capacity bookings each year.
- After the consultation, Energinet will finalise the method and submit it for approval to the Danish Electricity Supply Authority.
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BTP: BTP/Bund Spread Now 4.5bps Wider Today As Euro Equities Weaken
Nov-06 12:34
10-year EGB spreads to Bunds have widened more sharply in the last ~60 minutes, with the BTP/Bund spread now 4.5bps higher today at 129bps.
- The pullback in European equities will have contributed to the widening, offsetting the impact of today’s dovish ECB pricing and fall in EUR 3m10y swaption vol.
- A key question in Europe following the US Election Results is the potential impact of higher tariffs on the region’s weak economic outlook.
- BTP futures have extended lower, now -32 at 119.01. A clear breach of the Oct 31 low at 118.95 exposes support at 118.64 (50.0% retracement of the Jun 11 - Oct 1 bull cycle).
- Initial firm resistance in BTP futures has been defined at 121.53, the Oct 25 high, where a break is required to cancel the bearish threat. Short-term gains would be considered corrective.
OUTLOOK: Price Signal Summary - Bear Cycle In Gilts Extends
Nov-06 12:29
- In the FI space, Bund futures are trading in a volatile manner and have recovered from their intraday low. The trend direction remains down and the earlier break to a fresh cycle low reinforces current conditions. The 131.00 handle has been cleared, signalling potential for an extension towards 129.99, a Fibonacci projection. Initial key resistance is at 132.22, today’s intraday high. A break of this level would be seen as an early bullish development.
- A bearish condition in Gilt futures remains intact. The contract has recently traded through the 94.00 handle and is again trading lower, today. 92.99, a 2.00 projection of the Sep 17 - 30 - Oct 1 price swing has been pierced. This signals scope for an extension towards 92.23, a Fibonacci projection. The Oct 30 high of 96.65, is seen as a key S/T resistance where a break is required to highlight a possible base. Initial resistance is 94.73, Nov 1 high.
FOREX: EUR: FX Exchange traded Option
Nov-06 12:26
EURUSD (expiry Friday) 1.0700/1.0650ps, bought for 0.0015 in 3.48k.
- This could be closing, OI in those strikes stands at 8.7k.
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