POWER: Swiss Hydro Stocks Fall, Widen Deficit to Five-Year Average
Nov-12 10:45
Swiss hydropower reserves last week – calendar week 45 – declined by 1.4 percentage points to 76.5% of capacity, widening the deficit to the five-year and ten-year averages, BFE data showed.
- Stocks declined by 0.3 percentage points the week prior.
- Reserves widened the deficit to the five-year average to 7.6 points, from 7.2 points the week before.
- The deficit to the ten-year average also widened to 5.3 points, from 4.9 points the week prior.
- Power demand in Switzerland last week increased by increased by 292MW to 7.64GW.
- Swiss hydropower generation from pumped storage last week was broadly stable at 556MW, as well as output from reservoirs at 1.05GW. Run-of-river generation edged down by 108MW on the week to 1.5GW.
- Nuclear generation in Switzerland was broadly stable last week at 1.88GW.
- Alpiq’s 1.02 GW Gösgen nuclear power plant will be offline until 28 February 2026.
- There was no precipitation in Sion, in the hydro-intensive canton of Valais, last week.
- Snow height at L’Ecreuleuse in canton Valais stood at 66cm on 11 November, with no new snowfall in the past seven days, White Risk data showed.
- Looking ahead, the latest Bloomberg ECMWF weather forecast for Sion suggests precipitation to total 18.5mm this week, below the seasonal average of 34.4mm.
- The latest Swiss hydro balance is forecast to end this week at -1.48GWh. The balance is forecast to narrow to -1.77TWh as of 27 November.
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EGB OPTIONS: Bund Weekly Option
Oct-13 10:42
RX (17th Oct) 128.00p with 127.50p, bought the strip for 2.25 in 9k.
LOOK AHEAD: Monday-Tuesday Data Calendar: Fed Speakers
Oct-13 10:38
No scheduled data Monday, cash Tsys closed due to Columbus Day holiday, Globex full session. Focus on Fed Chair Powell's economic outlook at NABE meeting tomorrow.
- US Data/Speaker Calendar (prior, estimate)
- 10/13 1255 Philly Fed Paulson economic outlook NABE meeting (text, Q&A)
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- 10/14 0600 NFIB Small Business Optimism
- 10/14 0845 Fed VC Bowman moderated discussion ay IIF (no text)
- 10/14 1130 US Tsy $86B 13W & $77B 26W bill auctions
- 10/14 1220 Fed Chair Powell economic outlook NABE meeting (text, Q&A)
- 10/14 1300 US Tsy $95B 6W bill auction
- 10/14 1525 Fed Gov Waller, payments panel at IIF (no text, Q&A)
- 10/14 1530 Boston Fed Collins moderated discussion (text, Q&A)
- Source: Bloomberg Finance L.P. / MNI
OUTLOOK: Price Signal Summary - Bear Threat In Oil Futures Remains Present
Oct-13 10:38
- On the commodity front, a bull cycle in Gold remains intact and today’s fresh cycle marks a bullish start to this week’s session. The move higher maintains the price sequence of higher highs and higher lows. Sights are on the $4100.00 handle, and $4113.5, a 2.618 protection of the May 15 - Jun 16 - 30 price swing. Note that the trend is in overbought territory. A move down would be considered corrective and would allow the overbought set-up to unwind. Support to watch is $3836.5, the 20-day EMA.
- A bearish theme in WTI futures remains intact. Friday’s move down confirmed a resumption of the bear leg - support at $60.40, the Oct 2 low, has been breached. This highlights an extension of the bearish price sequence of lower lows and lower highs. The move down opens $57.50 next, the May 30 low. On the upside, initial key resistance is at $66.42, the Sep 29 high. Clearance of this level would highlight a reversal. First resistance is $62.75, the 50-day EMA.
