POWER: Norway’s Growing Power Gap Could Curtail Exports to UK, EU
Dec-03 12:53
Norway’s electricity consumption is set to rise by 18TWh through 2030, while new generation adds only 3TWh, pushing the country toward a 5TWh net import, according to DNV, cited by Bloomberg.
- This shift may reduce exports to the UK and continental Europe, as net imports potentially rise in the early 2030s.
- The move comes as Norway’s grid operator Statnett SF warned that in a high-demand scenario, the power balance could be short by 9 TWh by 2030.
- So far in 2025, Norwegian power exports have supplied about 4% of UK demand, with the country remaining a net exporter every day last year.
- Geopolitical factors, national priorities, and limited public support are slowing renewable energy development, restricting export capacity, says DNV CEO Remi Eriksen.
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EGB OPTIONS: DUZ5 106.30 Puts Lifted
Nov-03 12:53
DUZ5 106.30 puts paper paid 0.25 (synth) on 10K a little earlier.
OPTIONS: Larger FX Option Pipeline
Nov-03 12:45
- EUR/USD: Nov04 $1.1525(E1.0bln), $1.1635-40(E1.3bln); Nov05 $1.1600-20(E1.4bln); Nov06 $1.1400(E1.4bln), $1.1500(E1.5bln), $1.1550(E1.2bln), $1.1600(E1.4bln), $1.1715(E1.5bln)
- USD/JPY: Nov06 Y152.00($1.0bln), Y155.00($1.6bln), Y155.35($1.2bln)
- AUD/USD: Nov04 0.6625-30(A$1.2bln)
- NZD/USD: Nov05 $0.5650(N$1.1bln), $0.5675(N$1.0bln)
OUTLOOK: Price Signal Summary - Bull Cycle In Gilts Remains Intact
Nov-03 12:26
- In the FI space, Bund futures are trading closer to their recent lows. This suggests a short-term bear cycle remains intact for now. The move down that started on Oct 17 still appears corrective and has allowed an overbought trend condition to unwind. The next important support to watch lies at the 50-day EMA, currently at 129.13. A clear break would signal scope for a deeper retracement. First resistance is 129.73, Oct 28 high.
- The trend structure in Gilt futures is unchanged, it remains bullish and the contract is holding on to the bulk of its recent gains. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. The next upside objective is 94.00. A break of this level would open 94.24, a 1.618 projection of the Sep 3 - 11 - 26 price swing. Note that the contract is overbought, a short-term pullback would allow this condition to unwind. Firm support to watch 92.75, the 20-day EMA.
