POWER: German, French Spot Power Indices Increase
Dec-04 12:00
The German and French spot power indices increased for Friday’s delivery with lower wind output lifting the German spot index, while slightly lower wind and higher demand amid cooler weather is supporting the French market.
- The German spot power index settled at €133.29/MWh, compared with €124.86/MWh in the previous session.
- The German day-ahead peak load on the Epex Spot cleared at €163.05/MWh, compared with €146.05/MWh the day before.
- German wind output is forecast at 4.71GW during base load on Friday, down from 8.57GW on Thursday.
- German rescom gas demand is forecast at 166.9mcm/d on Friday, slightly down on the day.
- Power demand in Germany is forecast at 60.68GW on Friday, from 61.41GW on Thursday.
- Residual load in Germany is forecast at 56.78GWh/h on Friday, from 51.85GWh/h on Thursday.
- The French spot power index cleared at €80.01/MWh, compared with €76.17/MWh the previous session.
- The French day-ahead peak load on the Epex Spot settled at €87.91/MWh. compared with €87.13/MWh the day before.
- French nuclear availability declined to 84% of capacity as of Thursday morning, from 86% on Wednesday.
- French nuclear availability is forecast at 53.64GWh/h on Friday, from 52.33GWh/h on Thursday.
- Mean temperatures in Paris are forecast to decline to 4.2C on Friday, from 6.9C on Thursday and below the seasonal average of 5.4C.
- Wind output in France is forecast 7.38GW during base load on Friday, from 8.79GW on Thursday.
- Power demand in France is forecast at 64.55GW on Friday, from 64.18GW on Thursday but revised down from 64.83GW previously.
- Residual load in France is forecast at 56.72GWh/h on Friday, from 53.51GWh/h on Thursday.
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OUTLOOK: Price Signal Summary - Corrective Cycle In Oil Futures Still In Play
Nov-04 11:53
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- WTI futures remain in a corrective cycle for now. Note that price has recently traded through the 50-day EMA, currently at $61.05. The breach of this EMA signals scope for a stronger recovery. Note too that a resistance at $62.34, the Oct 8 high, has also been pierced. A clear move through it would expose key resistance at $65.77, the Sep 26 high. First key support and the bear trigger is unchanged at $55.96, the Oct 20 low.
FOREX: EURUSD Testing Below 1.15 as Current Bear Leg Extends
Nov-04 11:51
- EURUSD has been edging lower on Tuesday, extending the pair’s selloff following the breach of important 1.1542 support last Friday. Current price action signals scope for a more protracted move south, towards key support at 1.1392, the Aug 1 low.
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- The single currency trades on a firmer footing against the likes of AUD and NZD, owing to the strong risk-off impetus across global markets today.
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