POWER: OMV Petrom’s 860MW Romanian Brazi Plant Resumes Operations
Dec-05 12:00
OMV Petrom’s 860MW Brazi gas-fired power plant in Romania has resumed operations after a temporary shutdown caused by water restrictions, with full capacity expected soon, it said, cited by Reuters.
- The is ahead of the expected partial start up that was expected around 8-9 December, the government said on 3 December.
- Romanian Energy Minister Bogdan Ivan said on 3 December that the halt had no major impact on the energy market; one coal-fired power plant was restarted to compensate, with additional coal units ready if needed.
- The plant provides around 10% of Romania’s power.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
MNI: US MBA: MARKET COMPOSITE -1.9% SA THRU OCT 31 WK
Nov-05 12:00
- MNI: US MBA: MARKET COMPOSITE -1.9% SA THRU OCT 31 WK
EGBS: OATs The Risk Proxy Of Choice, Limiting Recovery In SPGB/OAT/PGB Fly
Nov-05 11:58
The SPGB/OAT/PGB butterfly is off all-time lows, but the bounce has been limited and has already started to fade as weakness in equity markets weighs on OATs in RV terms.
- OATs have become more of a risk proxy given France’s ongoing fiscal deterioration and political risk premium.
- This contrasts with the positive fiscal dynamics and sovereign rating trajectories for Spain and Portugal, and the clear differentiation continues to hamper French paper on this structure.
- Ongoing French political risks and prolonged Budget uncertainty only deepen downside risks for OATs here, particularly with no clear outcome in sight at this stage.
- Note that the latest local media reports point to French PM Lecornu being set to offer concessions to the Socialist Party in order to advance the social security budget (covered by our political risk team recently), although it is uncertain whether the offer will actually be tabled/accepted.
Fig. 1: 10-Year Spain/France Portugal Butterfly
Source: MNI - Market News/Bloomberg Finance L.P.
OUTLOOK: Price Signal Summary - Gold Support At The 50-Day EMA Remains Exposed
Nov-05 11:51
- On the commodity front, a fresh cycle low last week in Gold highlights an extension of the bear cycle that started Oct 20. The retracement since Oct 20 has allowed an overbought trend condition to unwind. The 20-day EMA has been breached, signalling scope for a test of the 50-day EMA, at $3867.3. Clearance of this EMA would strengthen a short-term bear theme. Initial resistance is at $4161.4, the Oct 22 high.
- WTI futures are unchanged and the contract remains in a corrective cycle for now. Note that price has recently traded through the 50-day EMA, currently at $61.03. 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.
